As filed with the Securities and Exchange Commission on July 6, 2018

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811- 21715

NEUBERGER BERMAN ALTERNATIVE FUNDS

(Exact name of registrant as specified in charter)

c/o Neuberger Berman Investment Advisers LLC

1290 Avenue of the Americas

New York, New York 10104-0002

(Address of principal executive offices – Zip Code)

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

Joseph V. Amato

Chief Executive Officer and President

Neuberger Berman Alternative Funds

c/o Neuberger Berman Investment Advisers LLC

1290 Avenue of the Americas
New York, New York 10104-0002

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, 2018

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 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

Global Allocation Fund

Hedged Option Premium Strategy Fund

Long Short Fund

Long Short Credit Fund

Multi-Asset Income Fund

Risk Balanced Commodity Strategy Fund

U.S. Equity Index PutWrite Strategy Fund

Semi-Annual Report

April 30, 2018

Contents

THE FUNDS
President's Letter					1
PORTFOLIO COMMENTARY
Global Allocation Fund					2
Hedged Option Premium Strategy Fund					4
Long Short Fund					7
Long Short Credit Fund					9
Multi-Asset Income Fund					11
Risk Balanced Commodity Strategy Fund					13
U.S. Equity Index PutWrite Strategy Fund					15
FUND EXPENSE INFORMATION					21
SCHEDULE OF INVESTMENTS
Global Allocation Fund					23
Positions by Industry					30
Hedged Option Premium Strategy Fund					43
Long Short Fund					48
Long Short Credit Fund					62
Multi-Asset Income Fund					75
Risk Balanced Commodity Strategy Fund					96
U.S. Equity Index PutWrite Strategy Fund					103
FINANCIAL STATEMENTS					106
FINANCIAL HIGHLIGHTS (ALL CLASSES)/ PER SHARE DATA
Global Allocation Fund					158
Hedged Option Premium Strategy Fund					160
Long Short Fund					162
Long Short Credit Fund					164
Multi-Asset Income Fund					166
Risk Balanced Commodity Strategy Fund					168
U.S. Equity Index PutWrite Strategy Fund					170

Directory					176
Proxy Voting Policies and Procedures					177
Quarterly Portfolio Schedule					177

The "Neuberger Berman" name and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund names in this piece are either service marks or registered service marks of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA. ^_©2018 Neuberger Berman BD LLC, distributor. All rights reserved.

President's Letter

Dear Shareholder,

I am pleased to present this semi-annual shareholder report for Neuberger Berman Alternative and Multi-Asset Class Funds.

The global financial market generated mixed results over the six months ended April 30, 2018. Global equities posted strong returns over the first half of the reporting period, as corporate profits often exceeded expectations. In the U.S., investors viewed the December 2017 tax reform bill in a positive light, feeling it could further fuel the economy and corporate profits. However, a portion of those gains were lost in February and March 2018. This was partially due to concerns that the U.S. Federal Reserve (Fed) may raise interest rates more aggressively than previously anticipated. Fears of a global trade war also negatively impacted investor sentiment.

Meanwhile, the U.S. fixed income market generated weak results over the reporting period. In the U.S., yields moved higher as the Fed raised interest rates twice and started to reduce its balance sheet in a measured fashion. Elsewhere, central banks in developed countries outside the U.S. largely maintained their accommodative monetary policies. However, the European Central Bank, among others, indicated they may begin reducing policy accommodation later this year or in 2019.

All told, the U.S. equity market, as measured by the S&P 500^® Index, gained 3.82% over the reporting period. International developed and emerging market equities also posted positive results. Meanwhile, the overall U.S. bond market, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index, declined 1.87% during the period. Finally, inflation was fairly well contained over the period.

Looking ahead, we believe a structural shift to higher interest rates and an uptick in inflation may be occurring. Whether now or in the future, we believe that global central banks are more likely to raise rates, curtail asset purchases and shrink their balance sheets—an important reversal from years of highly accommodative policy to which markets have grown accustomed. Should inflation expectations increase, we anticipate that market volatility is likely to remain elevated relative to its record-low recent history. From an investment perspective, we have high conviction in our portfolio managers and continue to believe their portfolios are well positioned.

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

Sincerely,

ROBERT CONTI
PRESIDENT AND CEO
NEUBERGER BERMAN MUTUAL FUNDS

Global Allocation Fund Commentary (Unaudited)

Neuberger Berman Global Allocation Fund Institutional Class generated a 1.99% total return for the six month period ended April 30, 2018, underperforming its benchmark, a custom blend consisting of 60% MSCI All Country World Index (Net) and 40% Bloomberg Barclays Global Aggregate Index (the Index), which provided a 2.67% total return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

Global equities posted gains over the six month reporting period, extending the 2017 rally into the new year. Despite an improving global macroeconomic backdrop, the threat of rising inflation and the possibility of faster rate hikes by the U.S. Federal Reserve spooked global markets, which triggered a sharp sell-off in the first half of February. Although a v-shaped recovery in global markets ensued, rising interest rates and inflation expectations led to higher volatility and a more challenging environment for markets. The rise of anti-globalization rhetoric by the U.S. presidential administration through proposed tariffs, and the resulting threats of retaliation, sparked a wave of uncertainty across global trade relations. Despite the limited impact of the proposed actions within the context of total global trade and the overall GDP of the U.S. and China, broad concerns have overshadowed a positive global macroeconomic backdrop and healthy earnings growth projections. Fixed income sub-sectors struggled over the six month period ending April 30, 2018, in part due to higher Treasury yields as well as weaker credit markets.

Over the period, the Fund's allocations to equities and opportunistic investments added value, particularly non-U.S. developed market equity exposure. Within opportunistic investments, exposure to diversified commodities and systematic tactical asset allocation provided uncorrelated sources of return. The Fund was challenged in fixed income, particularly U.S. government agency mortgage-backed securities, and also posted losses from its strategy of selling (writing) put and call option spreads on U.S. equity indices.

Following the volatility of early February, we added to our options writing allocations in order to take advantage of the significantly higher premiums associated with the VIX at elevated levels. We increased the allocations to U.S. Treasury Inflation-Protected Securities and commodities, in line with our view that inflation will accelerate.

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

Despite the challenges of the first quarter, we think global markets continue to be characterized by moderate growth, increasing inflation, and still-accommodative monetary policy, but are now within a more fragile overall economic regime and are facing increasing challenges from short-term volatility. We believe the strong fundamental underpinnings and economic momentum will carry through the first half of calendar 2018; consequently, we reiterate our bias towards equities, particularly non-U.S. equities, where we added exposure in early calendar Q2 2018. Within fixed income, we have increased exposure to interest rate duration given the recent rise in yields, but remain shorter-than-benchmark in our positioning. We are becoming cautious on credit markets, but maintain a constructive view on credit globally, despite the return of volatility.

We continue to believe that a flexible, multi-dimensional approach to a diversified portfolio is prudent. Our multi-asset class approach seeks to offer a global go-anywhere strategy that is complemented with uncorrelated sources of return and a risk framework at both the security and portfolio level, in addition to independent firm oversight.

Sincerely,

ERIK KNUTZEN, BRAD TANK AND AJAY JAIN
PORTFOLIO MANAGERS

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

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

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

Global Allocation Fund (Unaudited)

TICKER SYMBOLS

Institutional Class				NGLIX
Class A				NGLAX
Class C				NGLCX

PERFORMANCE HIGHLIGHTS³

	Inception	Six Month Period Ended			Average Annual Total Return Ended 04/30/2018
	Date	04/30/2018			1 Year			5 Year			Life of Fund
At NAV
Institutional Class	12/29/2010		1.99	%		10.06	%		4.44	%		6.15	%
Class A	12/29/2010		1.75	%		9.68	%		4.06	%		5.77	%
Class C	12/29/2010		1.39	%		8.86	%		3.29	%		4.99	%
With Sales Charge
Class A			–4.06	%		3.39	%		2.83	%		4.92	%
Class C			0.42	%		7.86	%		3.29	%		4.99	%
Index
60% MSCI All Country World Index (Net) and 40% Bloomberg Barclays Global Aggregate Index^1,2			2.67	%		10.11	%		5.69	%		5.97	%
MSCI All Country World Index (Net)^1,2			3.56	%		14.16	%		8.80	%		8.40	%

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

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

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

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2017 were 4.03%, 4.53% and 5.27% for Institutional Class, Class A and Class C shares, respectively (before expense reimbursements and/or fee waivers, if any). The total annual operating expense ratios were 0.93%, 1.32% and 2.06% 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 ended April 30, 2018 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.

Hedged Option Premium Strategy Fund Commentary (Unaudited)

Neuberger Berman Hedged Option Premium Strategy Fund Institutional Class generated a total return of –3.52% for the six month period ending April 30, 2018, underperforming its primary benchmark, the CBOE S&P 500^® Iron Condor Index (the Index), which generated a total return of –1.15% for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

The Fund pursues an absolute return objective and is intended to experience limited correlation to broader equity markets. The Fund seeks to achieve its goal primarily through a strategy of selling (writing) put and call option spreads on U.S. indices, including the S&P 500^® Index and the Russell 2000^® Index, on exchange traded funds ("ETFs") or on equity securities, and through investments in fixed income instruments. The Fund attempts to generate returns through the receipt of premiums from selling put and call option spreads, as well as through investments in fixed income instruments. Collectively, these strategies are intended to reduce volatility relative to what it would be if the Fund held the underlying reference asset (e.g., the underlying index, ETF or security) on which the options are written. In an effort to diversify exposures and limit volatility, the Fund will sell put and call option spreads at varying strike prices and with varying expiration dates on various reference assets.

The Fund's fixed income collateral holdings of short-term U.S. Treasuries detracted modestly from returns as short-term U.S. Treasury bond yields increased over the period, with the two-year U.S. Treasury yield rising roughly 90 basis points to 2.49%.

After ending calendar year 2017 at near record low levels, many investors wondered how long it would be before the CBOE S&P 500 Volatility Index (VIX) would undergo one of its characteristic 'spikes'. It was never a question of 'if', only 'when', and we now know the 'when' was February 5th, 2018. On that day, the S&P 500 fell –4.10% and the VIX surged 116% from 17.3 to 37.3. If we include the prior Friday, February 2nd, the aggregate jump in VIX was 177% and the S&P 500 decline was –6.1% over two trading days. Yet, despite the catastrophic failure of a few volatility products and increased general investor agita, the S&P 500 ended the first quarter of 2018 down a modest –0.76% while remaining up 3.82% for the semi-annual fiscal period and up 13.27% for the last 12 months. The investment industry likes to assign catchy names to market events, e.g., "vol-pocalypse" or "vol-mageddon," and act as though these events are market aberrations. However, we believe these are inherent risks in volatility markets that can only be managed and never fully avoided.

We believe that the Fund's underperformance relative to the Index for the period has been largely due to our process of diversifying and rebalancing option exposures consistently over time in an effort to reduce the variability and limit path dependence of the Fund's passive benchmark. The Index's methodology of rolling option exposures only once per month leads to a greater dependence on market timing. The Fund's more diversified option spread exposures experienced losses during the notable equity market index price reversals during the first quarter. Specifically, the significant gains in the S&P 500 during January 2018 resulted in losses from the Fund's call spread writing, while losses during February and March generated losses from the Fund's put spread writing. While we believe the Index is representative of index option spread writing, in our opinion, its methodology leads to arbitrary market timing or exposure and can be improved. Over time we seek to achieve both a higher return and better risk efficiency than the Index.

We would like to reassure our investors that we do not believe the recent results of the Fund are the product of structural changes or tactical missteps. Rather, in our view, the challenges are just a function of systematic differences that we expect to 'average out' over longer-periods of time as they have historically. We intend for our strategies to complement investor asset allocations and seek to help reduce overall portfolio volatility levels by earning equity index option premiums and short-term interest income without directly holding equities.

company earnings which may lead to increased levels of equity market volatility and reduction in equity return potential. In addition, risks associated with changes in interest rate policies (inflation expectations), increased global competition, geopolitics (e.g., Brexit, North Korea) remain. Combined with the higher levels of income potential of the Fund's collateral portfolio, we believe the relative attractiveness of the Fund's investment strategy continues to grow.

Sincerely,

DEREK DEVENS
PORTFOLIO MANAGER

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

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

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

Hedged Option Premium Strategy Fund (Unaudited)

TICKER SYMBOLS

Institutional Class				NHOIX
Class A				NHOAX
Class C				NHOCX
Class R6				NHORX

PORTFOLIO BY TYPE OF SECURITY

(as a % of Total Net Assets)
U.S. Treasury Obligations	98.1	%
Options Purchased	0.1
Options Written	(0.8	)
Short-Term Investments	1.5
Other Assets Less Liabilities	1.1
Total	100.0	%

PERFORMANCE HIGHLIGHTS³

Inception

Six Month
Period Ended

Average Annual Total Return
Ended 04/30/2018

Date

04/30/2018

1 Year

Life of Fund

At NAV

Institutional Class

04/12/2017

–3.52

–1.91

–1.59

Class A

04/12/2017

–3.70

–2.26

–1.92

Class C

04/12/2017

–4.07

–2.99

–2.66

Class R6

04/12/2017

–3.45

–1.81

–1.50

With Sales Charge

Class A

–9.24

–7.88

–7.31

Class C

–5.02

–3.95

–2.66

Index

CBOE S&P 500 Iron Condor Index^1,2

–1.15

–1.01

–0.46

S&P 500^® Index^1,2

3.82

13.27

13.99

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2017 are 5.26%, 5.89%, 6.60% and 5.19% for Institutional Class, Class A, Class C and Class R6 shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios for the fiscal period ended 2017are 0.68%, 1.04%, 1.79% and 0.61% for Institutional Class, Class A, Class C and Class R6 shares, respectively, after expense reimbursements and/or fee waivers. The expense ratios for fiscal year 2017 have been restated to reflect actual expenses excluding organization expenses incurred during that period. The expense ratios for the semi-annual period ended April 30, 2018 can be found in the Financial Highlights section of this report.

Long Short Fund Commentary (Unaudited)

Neuberger Berman Long Short Fund Institutional Class generated a 2.32% total return for the six months ended April 30, 2018, underperforming its primary benchmark, the HFRX Equity Hedge Index, which returned 2.54% for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

Despite periods of volatility, the U.S. stock market generated a positive return during the reporting period. The market rallied over the first half of the period, as corporate profits generally exceeded expectations and due to optimism that the December 2017 tax reform bill would lead to accelerating growth. However, the market abruptly reversed course in February and March 2018. This turnaround was triggered by several factors, including fears that the U.S. Federal Reserve would take a more aggressive approach to raising interest rates, escalating trade war rhetoric and issues in the technology sector. All told, for the six months ended April 30, 2018, the S&P 500^® Index gained 3.82%.

We maintained our constructive, albeit highly selective outlook during the reporting period. This was reflected in the Fund's net long exposure during the period. We believe that the Fund continues to remain constructively positioned for an ongoing economic recovery in the U.S. Against this backdrop, the Fund's largest sector weights were in Information Technology and Industrials.

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

Equity long exposure added to Fund performance, while Fundamental shorts detracted from performance during the period given the overall positive move in markets. Fixed income long exposure also detracted for performance, but was partly offset by Fixed income shorts, which added value.

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

We entered 2018 with a fairly constructive, albeit increasingly selective outlook for risk assets driven by solid global economic growth, lower corporate tax rates, repatriation of foreign earnings and the continued emergence of a more pro-business environment in the U.S. Despite the recent market gyrations, we believe the economic backdrop continues to look positive. Going forward, we think that the key market debate will revolve around how much of the tax driven earnings surge should be capitalized into the future and whether an increase in interest rates and greater trade restrictions will choke off economic activity. However, we believe the path and timing of these policies will continue to be announced in an erratic manner and therefore drive near-term market volatility. We believe this, in turn, may create more dispersion and potential opportunities, both long and short.

Sincerely,

CHARLES KANTOR AND MARC REGENBAUM
PORTFOLIO MANAGERS

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

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

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

Long Short Fund (Unaudited)

TICKER SYMBOLS

Institutional Class				NLSIX
Class A				NLSAX
Class C				NLSCX

PORTFOLIO BY TYPE OF SECURITY

(as a % of Total Net Assets)

	Long			Short
Common Stocks		78.9	%		(12.0	)%
Convertible Bonds		0.2			—
Corporate Bonds		4.1			(0.8	)
Exchange Traded Funds		—			(2.8	)
Master Limited Partnerships		1.1			(0.2	)
Options Purchased		0.2			—
Preferred Stocks		0.4			—
Warrants		0.1			—
Short-Term Investments		11.2			—
Other Assets Less Liabilities		19.6	*		—
Total		115.8	%		(15.8	)%

* Includes the impact of the Fund's open positions in derivatives (other than Options Purchased), if any.

PERFORMANCE HIGHLIGHTS

	Inception	Six Month Period Ended			Average Annual Total Return Ended 04/30/2018
	Date	04/30/2018			1 Year			5 Year			Life of Fund
At NAV
Institutional Class	12/29/2011		2.32	%		6.21	%		4.43	%		6.39	%
Class A	12/29/2011		2.15	%		5.86	%		4.06	%		6.01	%
Class C	12/29/2011		1.79	%		5.09	%		3.29	%		5.22	%
With Sales Charge
Class A			–3.71	%		–0.21	%		2.83	%		5.03	%
Class C			0.79	%		4.09	%		3.29	%		5.22	%
Index
HFRX Equity Hedge Index^1,2			2.54	%		6.98	%		2.89	%		3.98	%
S&P 500^® Index^1,2			3.82	%		13.27	%		12.96	%		14.96	%

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.

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2017 were 1.81%, 2.17% and 2.92% 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 ended April 30, 2018 can be found in the Financial Highlights section of this report.

Long Short Credit Fund Commentary (Unaudited)

Neuberger Berman Long Short Credit Fund Institutional Class returned –1.35% for the six months ended April 30, 2018. The Fund underperformed its primary benchmark, the HRFX Fixed Income—Credit Index (the Index), which returned 0.18% for the same period. The Fund outperformed the Bloomberg Barclays U.S. Aggregate Bond Index, which returned –1.87%. (Performance for all share classes is provided in the table immediately following this letter.)

The six months ended April 2018 were, for corporate credit, dominated by the twin drivers of U.S. tax policy and the flow-through effects of fiscal deficits and growth. Against this backdrop, the continued rate hike cycle of the U.S. Federal Reserve as well as the discussion around the commencement of a change in European Central Bank policy also dominated market sentiment. From a fundamental perspective, companies appeared to be benefitting from synchronous global growth. In addition, capital markets were robust for new debt issuance, and the demand for yield globally continued. Volatility in risk markets increased over the period, ending what has been a historical period of low volatility. This increase in the volatility regime is something that we believe is here to stay for some period of time.

Performance in credit over the reporting period can be categorized into two periods. First, the end of 2017 was a continuation of the trends from earlier in the year of solid and consistent positive performance. Then, as the calendar turned, U.S. rates began to respond to the growth stimulus of the tax policy, and rate hikes. The 10-Year U.S. Treasury yield began to rise, ultimately moving from approximately 2.4% at the beginning of the period to above 3% near the end of April, before finishing at 2.95%. Rate increases caused corporate credit to perform poorly. Notwithstanding generally good corporate profitability, investor concerns about the length of the economic cycle against a backdrop of rising rates caused some investor concerns, and participants began to be more cautious.

We have had a cautious perspective on rates and have kept the duration in the Fund relatively short. This is, for now, not a perspective that we are likely to change. One of the benefits of our strategy is that we can take advantage of sell offs in credit as they occur. As the market weakened in February, on the long side, our strategy was to buy what we believe are money good credits, with a maturity of 3 years or less. Our perspective is that if we buy credits that we believe in, ultimately we will realize the yield and return. While we will no doubt be subject to some mark-to-market volatility, we believe that the short duration nature of these bonds should help them to perform somewhat defensively. On the short side, we kept in place our relative value and capital structure arbitrage trades that we have held since the end of 2017, as we continue to believe that these will work. One of the benefits of our strategy is the ability to take advantage of opportunities in a falling market and add to our risk when we believe that the market is oversold. In our view, the weakness in short duration credit was somewhat overdone and we added exposures on the long side.

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

As we progress though the rest of the year, we believe that credit markets are likely to remain under pressure. We intend to remain defensively positioned from a credit and rate exposure, as well as from a leverage perspective. Furthermore, from the long side, we believe we have the correct amount of exposure. We intend to selectively add to capital structure and relative value short ideas, as and when the opportunities present. The summer has traditionally been a quiet time, but we believe that we are in a new regime and are excited about the opportunity that we believe lies ahead of us.

Sincerely,

RICK DOWDLE AND NORMAN MILNER
PORTFOLIO MANAGERS

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

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

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

Long Short Credit Fund (Unaudited)

TICKER SYMBOLS

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

PORTFOLIO BY TYPE OF SECURITY

(as a % of Total Net Assets)
Common Stocks	1.1	%
Convertible Bonds	1.1
Corporate Bonds	108.7
Foreign Government Securities	0.6
Loan Assignments	9.3
Options Purchased	0.0
Short Term Investments	1.5
Liabilities Less Other Assets	(22.3	)*
Total	100.0	%

* Includes the impact of the Fund's open positions in derivatives (other than Options Purchased), if any.

PERFORMANCE HIGHLIGHTS

	Inception	Six Month Period Ended			Average Annual Total Return Ended 04/30/2018
	Date	04/30/2018			1 Year			Life of Fund
At NAV
Institutional Class	06/29/2015		–1.35	%		0.89	%		0.53	%
Class A	06/29/2015		–1.60	%		0.54	%		0.18	%
Class C	06/29/2015		–1.83	%		–0.17	%		–0.48	%
Class R6	06/29/2015		–1.31	%		0.95	%		0.60	%
With Sales Charge
Class A			–5.80	%		–3.76	%		–1.33	%
Class C			–2.80	%		–1.14	%		–0.48	%
Index
HFRX Fixed Income - Credit Index^1,2			0.18	%		2.06	%		0.78	%
Bloomberg Barclays U.S. Aggregate Bond Index^1,2			–1.87	%		–0.32	%		1.83	%

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2017 were 1.99%, 2.43%, 3.15% and 1.96% for Institutional Class, Class A, Class C and Class R6 shares, respectively (before expense reimbursements and/or fee waivers, if any). The total annual operating expense ratios were 0.80%, 1.18%, 1.93% and 0.74% for Institutional Class, Class A, Class C and Class R6 shares, respectively, after expense reimbursements and/or fee waivers. The expense ratios for the semi-annual period ended April 30, 2018 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.

Multi-Asset Income Fund Commentary (Unaudited)

Neuberger Berman Multi-Asset Income Fund Institutional Class generated a 0.16% total return for the six month period ended April 30, 2018, underperforming its custom benchmark, a custom blend consisting of 60% Bloomberg Barclays U.S. Aggregate Bond Index and 40% S&P 500^® Index (the Index), which provided a 0.46% total return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

Global equity markets generated positive returns over the six month reporting period, though in early February a sharp selloff was triggered due to the threat of rising inflation and the possibility of faster rate hikes by the U.S. Federal Reserve. Risk-on assets recovered, but volatility levels were raised and led to a more challenging market environment. This was intensified by the U.S. presidential administration outlining its trade policy, starting with tariffs on steel and aluminum imports and continuing to actions targeting China. The rising rate environment led to negative performance from the REITs allocation; and despite strong fundamentals, MLPs suffered from negative sentiment attributed to reduced distributions, tax cut impact uncertainty and weaker asset class flows. Within fixed income, most subsectors struggled over the six month period, primarily due to Treasury yields moving higher, but also on account of weaker credit markets in the latter half of the reporting period. Emerging market debt was a bright spot with performance boosted by the stabilization of fundamentals.

The Fund's gains were primarily from its equity allocations, both in developed markets and emerging markets, which performed well over the time period. Additionally, value was added from emerging market debt, bank loans and TIPS, as well as through opportunistic strategies, namely systematic tactical asset allocation and diversified currency. These gains were slightly offset by losses in REITS, MLPs, government bonds, investment grade credit and agency MBS. The Fund's strategy of selling (writing) put and call option spreads on U.S. indices also detracted from performance. The strategy's call spreads declined in value when U.S. equity markets moved higher, and as expected with a sharp market reversal, both the call and put spread strategies suffered losses during the first quarter 2018.

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

Despite tailwinds, we think global markets continue to be characterized by moderate growth, improving inflation, and still-accommodative monetary policy, but are now within a more fragile overall economic regime and facing increasing challenges from short-term volatility. We believe the strong fundamental underpinnings and economic momentum will carry through the first half of calendar year 2018; consequently, we reiterate our bias towards equities, particularly non-US equities, where we added exposure in early Q2 2018. Implied volatility levels, e.g. VIX, began the second quarter at elevated levels, leading to significantly higher premiums and an opportunity to be well compensated when taking equity risk via options strategies.

Within fixed income, we have increased exposure to interest rate duration given the recent rise in yields, but remain shorter-than-benchmark in our positioning. We are becoming cautious on credit markets, but maintain a constructive view on credit globally, despite the return of volatility.

We continue to believe that a multi-dimensional approach to yield is prudent. Our multi-asset class approach seeks to offer diversified income sources that are complemented with uncorrelated sources of return and a risk framework that seeks to mitigate volatility and deliver an attractive return and income profile.

Sincerely,

ERIK KNUTZEN, BRAD TANK AND AJAY JAIN
PORTFOLIO MANAGERS

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

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

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

Multi-Asset Income Fund (Unaudited)

TICKER SYMBOLS

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

PORTFOLIO BY TYPE OF SECURITY

(as a % of Total Net Assets)
Asset-Backed Securities	3.1	%
Common Stocks	35.6
Convertible Bonds	1.1
Corporate Bonds	10.2
Exchange Traded Funds	3.4
Investment Companies	20.6
Mortgage-Backed Securities	12.1
Master Limited Partnerships	3.3
Options Purchased	0.0
Preferred Stocks	2.1
U.S. Government Agency Securities	1.2
U.S. Treasury Obligations	11.7
Short-Term Investments	3.9
Liabilities Less Other Assets	(8.3	)*
Total	100.0	%

* Includes the impact of the Fund's open positions in derivatives (other than Options Purchased), if any.

PERFORMANCE HIGHLIGHTS

	Inception	Six Month Period Ended			Average Annual Total Return Ended 04/30/2018
	Date	04/30/2018			1 Year			Life of Fund
At NAV
Institutional Class	03/27/2015		0.16	%		5.35	%		3.96	%
Class A	03/27/2015		–0.02	%		4.97	%		3.58	%
Class C	03/27/2015		–0.40	%		4.18	%		2.81	%
Class R6	03/27/2015		0.19	%		5.42	%		4.03	%
With Sales Charge
Class A			–4.26	%		0.48	%		2.15	%
Class C			–1.38	%		3.18	%		2.81	%
Index
60% Bloomberg Barclays U.S. Aggregrate Bond Index and 40% S&P 500^® Index^1,2			0.46	%		5.02	%		4.98	%
Bloomberg Barclays U.S. Aggregate Bond Index^1,2			–1.87	%		–0.32	%		1.06	%

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.

For the period ended April 30, 2018, the 30-day SEC yields were 3.87%, 3.50%, 2.75% and 3.94% for Institutional Class, Class A, Class C and Class R6 shares, respectively. Absent expense reimbursements and/or fee waivers, the 30-day SEC yields would have been 2.56%, 2.15%, 1.44% and 2.63% for Institutional Class, Class A, Class C and Class R6 shares, respectively.

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2017 were 3.28%, 3.72%, 4.42% and 3.23% for Institutional Class, Class A, Class C and Class R6 shares, respectively (before expense reimbursements and/or fee waivers, if any). The total annual operating expense ratios were 0.75%, 1.12%, 1.87% and 0.68% for Institutional Class, Class A, Class C and Class R6 shares, respectively, after expense reimbursements and/or fee waivers. The expense ratios for the semi-annual period ended April 30, 2018 can be found in the Financial Highlights section of this report.

Risk Balanced Commodity Strategy Fund Commentary (Unaudited)

Neuberger Berman Risk Balanced Commodity Strategy Fund¹ Institutional Class generated a total return of 7.89% for the six months ended April 30, 2018 and outperformed its benchmark, the Bloomberg Commodity Index (the Index), which posted a 4.74% total return for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

The overall commodity market was impacted by a number of geopolitical events during the reporting period. These included instability in the Middle East, negotiations with North Korea and U.S. sanctions on Russia. In addition, trade war rhetoric suggesting tariffs on commodities such as aluminum, steel and soybeans impacted certain commodity markets. Meanwhile, oil was supported by synchronous global growth and OPEC's continued compliance with production cuts. Finally, the U.S. dollar was on a downward trend for most of the reporting period, which was supportive of commodity price. That being said, the U.S. dollar rallied in April 2018 because of rising interest rates, some weak economic data overseas and progress in trade talks. Within the commodity complex, cocoa generated the strongest results during the reporting period, driven by expectations for tight supply and robust demand. In contrast, sugar was the weakest performer as it reached multi-year lows due to ample global supply.

Looking at the commodity sectors in which the Fund invests, agriculture and energy were the largest contributors to performance relative to the Index. This was in part driven by overweights to Kansas wheat and soybean meal. The Fund's positioning in the energy sector, in particular, an underweight to natural gas, an out-of-benchmark allocation to gas oil and an overweight to gasoline were all additive for returns. Elsewhere, the Fund's positioning in the softs sector contributed to results, largely driven by an underweight to sugar and an out-of-benchmark allocation to cocoa. On the other hand, an underweight to Brent crude oil was a headwind for relative performance as it outperformed the Index.

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

Markets have recently been impacted by news of unexpected volatility and protectionist rhetoric, both of which rattled the commodity markets. As commodity investors, we remain focused on the fundamentals of the asset class, as opposed to the shorter-term speculation and noise. We continue to be encouraged by the strengthening fundamentals, including the expectation for increased demand for oil and gasoline this year, linked to what we expect will be continued synchronous global growth. We believe that signs are beginning to point toward a transition to the late stage of the business cycle (overheated stock market, rising rates, closing the output gap, inflation trending higher, tighter labor market, etc.), and we encourage investors to consider asset classes that have historically performed well during this point in the cycle. Commodities have historically shown inflation hedging properties, and we believe they will play a key role in a diversified portfolio.

Sincerely,

HAKAN KAYA, THOMAS SONTAG AND DAVID YI WAN
PORTFOLIO MANAGERS

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

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

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

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

Risk Balanced Commodity Strategy Fund (Unaudited)

TICKER SYMBOLS

Institutional Class				NRBIX
Class A				NRBAX
Class C				NRBCX

PORTFOLIO BY TYPE OF SECURITY

(as a % of Total Net Assets)
Asset-Backed Securities	18.5	%
Corporate Bonds	55.3
U.S. Treasury Obligations	5.9
Short-Term Investments	16.0
Other Assets Less Liabilities	4.3	*
Total	100.0	%

* Includes the impact of the Fund's open positions in derivatives (other than Options Purchased), if any.

(as a % of Total Notional Value)
Commodity Futures:
Agriculture	25.3	%
Energy	33.0
Industrial Metals	15.6
Livestock	7.0
Precious Metals	16.8
Softs	2.3
Total	100.0	%

PERFORMANCE HIGHLIGHTS³

	Inception	Six Month Period Ended			Average Annual Total Return Ended 04/30/2018
	Date	04/30/2018			1 Year			5 Years			Life of Fund
At NAV
Institutional Class	08/27/2012		7.89	%		13.98	%		–5.71	%		–6.41	%
Class A	08/27/2012		7.62	%		13.63	%		–6.08	%		–6.77	%
Class C	08/27/2012		7.37	%		12.87	%		–6.93	%		–7.59	%
With Sales Charge
Class A			1.44	%		7.10	%		–7.18	%		–7.74	%
Class C			6.37	%		11.87	%		–6.93	%		–7.59	%
Index
Bloomberg Commodity Index^1,2			4.74	%		8.02	%		–7.32	%		–7.84	%

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 2017 were 1.18%,1.56% and 3.20% for Institutional Class, Class A and Class C shares, respectively (before expense reimbursements and/or fee waivers, if any). The total annual operating expense ratios were 0.73%, 1.09% and 1.84% 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 ended April 30, 2018 can be found in the Financial Highlights section of this report.

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

Neuberger Berman U.S. Equity Index PutWrite Strategy Fund Institutional Class generated a total return of –1.28% for the six month period ending April 30, 2018, underperforming its primary benchmark, a blend of 85% CBOE S&P 500 PutWrite Index and 15% CBOE Russell 2000 PutWrite Index (the Index), which posted a total return of 1.11% for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

After ending calendar year 2017 at near record low levels, many investors wondered how long before the CBOE S&P 500 Volatility Index (VIX) would undergo one of its characteristic 'spikes'. It was never a question of 'if', only 'when', and we now know the 'when' was February 5, 2018. On that day, the S&P 500^® Index fell –4.10% and VIX surged 116% from 17.3 to 37.3. If we include the prior Friday, February 2, the aggregate jump in VIX was 177% and the S&P 500 decline was –6.1% over two trading days. Yet, despite the catastrophic failure of a few volatility products and increased general investor agita, the S&P 500 ended the first quarter of 2018 down a modest –0.76% while remaining up 3.82% for the semi-annual fiscal period and up 13.27% for the last 12 months. The investment industry likes to assign catchy names to market events, e.g., "vol-pocalypse" or "vol-mageddon,", and act as though these events are market aberrations. However, we believe these are inherent risks in volatility markets that can only be managed and never fully avoided.

We anticipate equity market volatility levels to remain at levels more consistent with their longer term levels, which are well above levels experienced in 2017. Further, after relatively strong earnings reports for the majority of U.S. companies we believe there will be greater economic uncertainty in the coming quarters to contribute to increased levels of variability in company earnings which may lead to increased levels of equity market volatility and reduction in equity return potential. In addition, risks associated with changes in interest rate policies (inflation expectations), increased global competition, geopolitics (e.g., Brexit, North Korea) remain. Combined with the higher levels of income potential of the Fund's collateral portfolio, we believe the relative attractiveness of the Fund's investment strategy continues to grow.

Sincerely,

DEREK DEVENS
PORTFOLIO MANAGER

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

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

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

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

TICKER SYMBOLS

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

PORTFOLIO BY TYPE OF SECURITY

(as a % of Total Net Assets)
U.S. Treasury Obligations	97.8	%
Put Options Written	(1.5	)
Short-Term Investments	3.2
Other Assets Less Liabilities	0.5
Total	100.0	%

PERFORMANCE HIGHLIGHTS⁴

	Inception	Six Month Period Ended			Average Annual Total Return Ended 04/30/2018
	Date	04/30/2018			1 Year			Life of Fund
At NAV
Institutional Class	09/16/2016		–1.28	%		3.33	%		7.60	%
Class A	09/16/2016		–1.54	%		2.98	%		7.22	%
Class C	09/16/2016		–1.81	%		2.19	%		6.45	%
Class R6	09/16/2016		–1.24	%		3.40	%		7.71	%
With Sales Charge
Class A			–7.19	%		–2.93	%		3.38	%
Class C			–2.74	%		1.22	%		6.45	%
Index
85% CBOE S&P 500 PutWrite Index and 15% Russell 2000 PutWrite Index^1,2			1.11	%		4.86	%		8.58	%

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 2017 are 0.98%, 1.35%, 2.12% and 0.94% for Institutional Class, Class A, Class C and Class R6 shares, respectively (before expense reimbursements and/or fee waivers, if any). The estimated total annual operating expense ratios for the current fiscal year are 0.66%, 1.02%, 1.77% and 0.59% for Institutional Class, Class A, Class C and Class R6 shares, respectively, after expense reimbursements and/or fee waivers. The expense ratios for the semi-annual period ended April 30, 2018 can be found in the Financial Highlights section of this report.

Endnotes

1 Please see "Glossary of Indices" on page 18 for a description of indices. Please note that individuals cannot invest directly in any index. The HFRX Equity Hedge Index and HFRX Fixed Income-Credit Index do take into account fees and expenses, but not the tax consequences, of investing since they are based on the underlying hedge funds' net returns. The other indices described in this report do not take into account any fees, expenses or tax consequences of investing in the individual securities that they track. Data about the performance of an index are prepared or obtained by Neuberger Berman Investment Advisers LLC and reflect the reinvestment of income dividends and other distributions, if any. The Fund may invest in securities not included in a described index and generally does not invest in all securities included in a described index.

2 The date used to calculate Life of Fund performance for the index is the inception date of the oldest share class.

3 During the period from December 2010 through April 2011, Neuberger Berman Global Allocation Fund had only one shareholder and the Fund was relatively small, which could have impacted Fund performance. During the period from May 2017 through August 2017, Neuberger Berman Hedged Option Premium Strategy Fund was relatively small, which could have impacted Fund performance. During the period from August 2012 through January 2013, Neuberger Berman Risk Balanced Commodity Strategy Fund was relatively small, which could have impacted Fund performance. The same techniques used to produce returns in a small fund may not work to produce similar returns in a larger fund.

4 The investments for the Fund are managed by the same portfolio manager(s) who manage(s) one or more other registered funds that have names, investment objectives and investment styles that are similar to those of the Fund. You should be aware that the Fund is likely to differ from those other mutual fund(s) in size, cash flow pattern and tax matters. Accordingly, the holdings and performance of the Fund can be expected to vary from those of the other mutual fund(s).

For more complete information on any of the Neuberger Berman Alternative and Multi-Asset Class Funds, see the Fund's prospectus, which can be obtained by calling us at (800) 877-9700, or visiting our website at www.nb.com.

Glossary of Indices

Bloomberg Barclays Global Aggregate Index:				The index measures global investment grade debt from twenty-four different local currency markets and includes fixed-rate treasury, government-related, corporate and securitized bonds from both developed and emerging markets issuers. The index is largely comprised of three major regional aggregate components: the Bloomberg Barclays U.S. Aggregate Bond Index, the Bloomberg Barclays Pan-European Aggregate Bond Index, and the Bloomberg Barclays Asian-Pacific Aggregate Index. In addition to securities from these three indices, the Bloomberg Barclays Global Aggregate Index also includes investment grade Eurodollar, Euro-Yen, Canadian, and 144A Index-eligible securities not already in these three indices.
Bloomberg Barclays U.S. Aggregate Bond Index:				The index measures the investment grade, U.S. dollar-denominated, fixed-rate, taxable bond market and includes Treasuries, government-related and corporate securities, mortgage-backed securities (MBS) (agency fixed-rate and hybrid adjustable rate mortgage (ARM) pass-throughs), asset-backed securities (ABS), and commercial mortgage-backed securities (CMBS) (agency and nonagency).
60% Bloomberg Barclays U.S. Aggregate Bond Index and 40% S&P 500^® Index:				The blended index is composed of 60% Bloomberg Barclays U.S. Aggregate Bond Index (described above) and 40% S&P 500^® Index (described below), and is rebalanced monthly.
Bloomberg Commodity Index:				The index is a rolling index composed of exchange-traded futures contracts on physical commodities. The index relies primarily on liquidity data of futures contracts, along with U.S. dollar-adjusted production data, in determining the relative quantities of included commodities. The index is designed to be a highly liquid and diversified benchmark for commodities investments. The version of the index that is calculated on a total return basis reflects the returns on a fully collateralized investment in the underlying commodity futures contracts, combined with the returns on cash collateral invested in Treasury Bills.
CBOE Russell 2000^® PutWrite Index:				The index tracks the value of a passive investment strategy which consists of overlaying Russell 2000 (RUT) short put options over a money market account invested in one-month Treasury bills. The RUT puts are struck at-the-money and are sold on a monthly basis.
CBOE S&P 500^® Iron Condor Index:				The index is designed to track the performance of a hypothetical option selling strategy that sells monthly call and put spreads and holds a money market account invested in one-month Treasury bills. The call spread consists of a short position in an out-of-the-money S&P 500 Index call option with a delta of approximately 0.20 and a long position in a further out-of-the-money S&P 500 Index call option with a delta of approximately 0.05. The put spread consists of a short position in an out-of-the-money S&P 500 Index put option with a delta of approximately –0.20 and a long position in a further out-of-the-money S&P 500 Index put option with a delta of approximately –0.05. Call and put spread positions are sized such that their notional strike differences represent 5% of the market value of the money market account. The money market account is rebalanced on option roll days and is designed to limit the downside return of the index. The delta of an option measures its price sensitivity to the price of the underlying asset. For example, if a call option has a delta of 0.20 and the price of the underlying asset increases by $1, the value of the option will increase by $0.20.
CBOE S&P 500^® PutWrite Index:				The index tracks the value of a passive investment strategy which consists of overlaying S&P 500 (SPX) short put options over a money market account invested in one- and three-months Treasury bills. The SPX puts are struck at-the-money and are sold on a monthly basis.

Glossary of Indices (cont'd)

85% CBOE S&P 500^® PutWrite Index and 15% CBOE Russell 2000^® PutWrite Index:				The blended index is composed of 85% CBOE S&P 500 PutWrite Index (described above) and 15% CBOE Russell 2000 PutWrite Index (described above), and is rebalanced monthly.
HFRX Fixed Income-Credit Index:				The index tracks the performance of hedge fund strategies with exposure to credit across a broad continuum of credit sub-strategies, including Corporate, Sovereign, Distressed, Convertible, Asset Backed, Capital Structure Arbitrage, Multi-Strategy and other Relative Value and Event Driven sub-strategies. The investment thesis across all strategies is predicated on realization of a valuation discrepancy between the related credit instruments. Strategies may also include and utilize equity securities, credit derivatives, government fixed income, commodities, currencies or other hybrid securities. Constituent funds are selected from an eligible pool of the more than 7,500 funds worldwide that report to the Hedge Fund Research (HFR) Database. Constituent funds must meet all of the following criteria: report monthly; report performance net of all fees; be U.S. dollar-denominated; be active and accepting new investments; have a minimum 24 months track record; and the fund's manager must have at least $50 million in assets under management. Constituents are weighted by a representative optimization methodology. The index is rebalanced quarterly.
HFRX Equity Hedge Index:				The index comprises equity hedge strategies. Equity hedge strategies maintain positions both long and short in primarily equity and equity derivative securities. A wide variety of investment processes can be employed to arrive at an investment decision, including both quantitative and fundamental techniques; strategies can be broadly diversified or narrowly focused on specific sectors and can range broadly in terms of levels of net exposure, leverage employed, holding period, concentrations of market capitalizations and valuation ranges of typical portfolios. Equity hedge managers would typically maintain at least 50%, and may in some cases be substantially entirely invested, in equities, both long and short. Constituent funds are selected from an eligible pool of the more than 7,500 funds worldwide that report to the Hedge Fund Research (HFR) Database. Constituent funds must meet all of the following criteria: report monthly; report performance net of all fees; be U.S. dollar-denominated; be active and accepting new investments; have a minimum 24 months track record; and the fund's manager must have at least $50 million in assets under management. The index is rebalanced quarterly.
MSCI All Country World Index:				The index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The index consists of 47 country indices comprising 23 developed and 24 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, Pakistan, Peru, Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey, and the United Arab Emirates. Net total return indexes reinvest dividends after the deduction of withholding taxes, using (for international indexes) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.

Glossary of Indices (cont'd)

60% MSCI All Country World Index and 40% Bloomberg Barclays Global Aggregate Index:				The blended index is composed of 60% MSCI All Country World Index (described above) and 40% Bloomberg Barclays Global Aggregate Index (described above), and is rebalanced monthly. Net total return indexes reinvest dividends after the deduction of withholding taxes, using (for international indexes) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.
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, 2018 and held for the entire period. The table illustrates the Fund's costs in two ways:

Actual Expenses and Performance:				The first section of the table provides information about actual account values and actual expenses in dollars, based on the Fund's actual performance during the period indicated. You may use the information in this line, together with the amount you invested, to estimate the expenses you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section of the table under the heading entitled "Expenses Paid During the Period" to estimate the expenses you paid over the period.
Hypothetical Example for Comparison Purposes:				The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return at 5% per year before expenses. This return is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Fund versus other funds. To do so, compare the expenses shown in this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

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

Expense Example (Unaudited)

Neuberger Berman Alternative Funds
	ACTUAL									HYPOTHETICAL (5% ANNUAL RETURN BEFORE EXPENSES)
	Beginning Account Value 11/1/17		Ending Account Value 4/30/18		Expenses Paid During the Period⁽¹⁾11/1/17 - 4/30/18		Expense Ratio			Beginning Account Value 11/1/17		Ending Account Value 4/30/18		Expenses Paid During the Period⁽²⁾11/1/17 - 4/30/18		Expense Ratio
Global Allocation Fund
Institutional Class	$	1,000.00	$	1,019.90	$	2.30		0.46	%	$	1,000.00	$	1,022.51	$	2.31		0.46	%
Class A	$	1,000.00	$	1,017.50	$	4.10		0.82	%	$	1,000.00	$	1,020.73	$	4.11		0.82	%
Class C	$	1,000.00	$	1,013.90	$	7.84		1.57	%	$	1,000.00	$	1,017.01	$	7.85		1.57	%
Hedged Option Premium Strategy Fund
Institutional Class	$	1,000.00	$	964.80	$	3.17		0.65	%	$	1,000.00	$	1,021.57	$	3.26		0.65	%
Class A	$	1,000.00	$	963.00	$	4.92		1.01	%	$	1,000.00	$	1,019.79	$	5.06		1.01	%
Class C	$	1,000.00	$	959.30	$	8.55		1.76	%	$	1,000.00	$	1,016.07	$	8.80		1.76	%
Class R6	$	1,000.00	$	965.50	$	2.83		0.58	%	$	1,000.00	$	1,021.92	$	2.91		0.58	%
Long Short Fund
Institutional Class	$	1,000.00	$	1,023.20	$	8.23		1.64	%	$	1,000.00	$	1,016.66	$	8.20		1.64	%
Class A	$	1,000.00	$	1,021.50	$	10.02		2.00	%	$	1,000.00	$	1,014.88	$	9.99		2.00	%
Class C	$	1,000.00	$	1,017.90	$	13.76		2.75	%	$	1,000.00	$	1,011.16	$	13.71		2.75	%
Long Short Credit Fund
Institutional Class	$	1,000.00	$	986.50	$	7.34		1.49	%	$	1,000.00	$	1,017.41	$	7.45		1.49	%
Class A	$	1,000.00	$	984.00	$	9.21		1.87	%	$	1,000.00	$	1,015.51	$	9.35		1.87	%
Class C	$	1,000.00	$	981.70	$	12.87		2.62	%	$	1,000.00	$	1,011.80	$	13.07		2.62	%
Class R6	$	1,000.00	$	986.90	$	6.95		1.41	%	$	1,000.00	$	1,017.80	$	7.05		1.41	%
Multi-Asset Income Fund
Institutional Class	$	1,000.00	$	1,001.60	$	2.73		0.55	%	$	1,000.00	$	1,022.07	$	2.76		0.55	%
Class A	$	1,000.00	$	999.80	$	4.56		0.92	%	$	1,000.00	$	1,020.23	$	4.61		0.92	%
Class C	$	1,000.00	$	996.00	$	8.26		1.67	%	$	1,000.00	$	1,016.51	$	8.35		1.67	%
Class R6	$	1,000.00	$	1,001.90	$	2.38		0.48	%	$	1,000.00	$	1,022.41	$	2.41		0.48	%
Risk Balanced Commodity Strategy Fund
Institutional Class	$	1,000.00	$	1,078.90	$	3.81		0.74	%	$	1,000.00	$	1,021.12	$	3.71		0.74	%
Class A	$	1,000.00	$	1,076.20	$	5.66		1.10	%	$	1,000.00	$	1,019.34	$	5.51		1.10	%
Class C	$	1,000.00	$	1,073.70	$	9.51		1.85	%	$	1,000.00	$	1,015.62	$	9.25		1.85	%
U.S. Equity Index PutWrite Strategy Fund
Institutional Class	$	1,000.00	$	987.20	$	3.20		0.65	%	$	1,000.00	$	1,021.57	$	3.26		0.65	%
Class A	$	1,000.00	$	984.60	$	4.97		1.01	%	$	1,000.00	$	1,019.79	$	5.06		1.01	%
Class C	$	1,000.00	$	981.90	$	8.65		1.76	%	$	1,000.00	$	1,016.07	$	8.80		1.76	%
Class R6	$	1,000.00	$	987.60	$	2.86		0.58	%	$	1,000.00	$	1,021.92	$	2.91		0.58	%

(1) For each class, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown), unless otherwise indicated.

(2) Hypothetical expenses are equal to the annualized expense ratios for each class, multiplied by the average account value over the period (assuming a 5% annual return), multiplied by 181/365 (to reflect the one-half year period shown).

Schedule of Investments Global Allocation Fund (Unaudited)
April 30, 2018

	Number of Shares		Value (000's omitted)
Common Stocks 24.7%
Australia 0.3%
Amcor Ltd.		367	$	4
Australia & New Zealand Banking Group Ltd.		90		2
Caltex Australia Ltd.		248		6
CIMIC Group Ltd.		292		10
Incitec Pivot Ltd.		1,358		4
Metcash Ltd.		2,424		6
Stockland		2,330		7
Wesfarmers Ltd.		1,017		33
				72
Austria 0.2%
Erste Group Bank AG		79		4
EVN AG		27		1
OMV AG		52		3
Telekom Austria AG		1,641		16	*
voestalpine AG		391		20
				44
Belgium 0.1%
Colruyt SA		51		3
Groupe Bruxelles Lambert SA		73		9
KBC Group NV		130		11
				23
Bermuda 0.1%
Marvell Technology Group Ltd.		847		17
Canada 0.5%
Bank of Nova Scotia		170		11
CGI Group, Inc. Class A		190		11	*
Constellation Software, Inc.		6		4
Dream Global Real Estate Investment Trust		395		4
George Weston Ltd.		155		13
Great-West Lifeco, Inc.		140		4
National Bank of Canada		275		13
Rogers Communications, Inc. Class B		122		6
Royal Bank of Canada		203		15
TELUS Corp.		96		3

	Number of Shares		Value (000's omitted)
Toronto-Dominion Bank		528	$	30
				114
China 0.6%
Alibaba Group Holding Ltd. ADR		334		59	*^(a)
BOC Hong Kong Holdings Ltd.		1,500		8
JD.com, Inc. ADR		1,360		50	*
				117
Denmark 0.2%
Carlsberg A/S Class B		166		18
Danske Bank A/S		399		14
Novo Nordisk A/S Class B		143		7
				39
Finland 0.1%
Outokumpu OYJ		451		3
Sampo OYJ, A Shares		161		9
				12
France 0.5%
BNP Paribas SA		114		9
CNP Assurances		213		5
Eiffage SA		67		8
Engie SA		530		9
Fonciere Des Regions		33		4
Ingenico Group SA		36		3
Peugeot SA		438		11
Renault SA		79		8
Sanofi		61		5
Societe BIC SA		27		3
Societe Generale SA		140		8
TOTAL SA		214		13
Veolia Environnement SA		379		9
				95
Germany 0.8%
Allianz SE		131		31
Bayer AG		96		12
Bayerische Motoren Werke AG		30		3
Bayerische Motoren Werke AG, Preference Shares		197		19
Daimler AG		88		7
Deutsche Lufthansa AG		667		19
Merck KGaA		77		8

	Number of Shares		Value (000's omitted)
Porsche Automobil Holding SE, Preference Shares		55	$	5
SAP SE		37		4
TUI AG		396		9
Uniper SE		682		21
Volkswagen AG, Preference Shares		31		6
Wuestenrot & Wuerttembergische AG		821		20
				164
Hong Kong 0.1%
CK Asset Holdings Ltd.		1,000		9
Great Eagle Holdings Ltd.		1,000		5
Hongkong Land Holdings Ltd.		610		4
Hopewell Holdings Ltd.		1,000		3
Jardine Matheson Holdings Ltd.		36		2
NWS Holdings Ltd.		1,000		2
WH Group Ltd.		5,500		6	^(c)
				31
Israel 0.0%^(b)
Bank Hapoalim BM		539		3
Bank Leumi Le-Israel BM		640		4
				7
Italy 0.4%
ASTM SpA		618		17
Enel SpA		2,708		17
Eni SpA		1,312		26
Intesa Sanpaolo SpA Preference Shares		879		3
Intesa Sanpaolo SpA		1,005		4
Snam SpA		1,778		9
				76
Japan 1.6%
Aozora Bank Ltd.		100		4
Canon, Inc.		1,000		34
EDION Corp.		800		9
FUJIFILM Holdings Corp.		200		8
Hamamatsu Photonics KK		100		4
Haseko Corp.		200		3
Hitachi High-Technologies Corp.		100		5
Hitachi Ltd.		1,000		7
ITOCHU Corp.		1,300		26

See Notes to Financial Statements

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

	Number of Shares		Value (000's omitted)
Japan Tobacco, Inc.		100	$	3
JFE Holdings, Inc.		200		4
JXTG Holdings, Inc.		800		5
Kajima Corp.		1,000		10
Kirin Holdings Co. Ltd.		400		11
Marubeni Corp.		1,900		14
Mitsubishi Corp.		500		14
Mitsubishi Tanabe Pharma Corp.		300		6
Mitsui & Co. Ltd.		1,400		25
Mizuho Financial Group, Inc.		4,300		8
NEC Corp.		800		22
Nippon Steel & Sumitomo Metal Corp.		100		2
Nippon Telegraph & Telephone Corp.		100		5
Nissan Motor Co. Ltd.		600		6
Nomura Research Institute Ltd.		100		5
NTT DOCOMO, Inc.		300		8
Obayashi Corp.		700		8
Sekisui Chemical Co. Ltd.		200		4
Sojitz Corp.		1,200		4
Sumco Corp.		200		5
Sumitomo Corp.		1,400		25
Tosoh Corp.		100		2
Trend Micro, Inc.		100		6
TS Tech Co. Ltd.		100		4
Yamada Denki Co. Ltd.		1,600		8
Yodogawa Steel Works Ltd.		300		9
				323
Netherlands 0.2%
Heineken Holding NV		85		9
ING Groep NV		427		7
Royal Dutch Shell PLC, A Shares		411		14
Royal Dutch Shell PLC, B Shares		119		4
				34
Norway 0.0%^(b)
Orkla ASA		740		7
Singapore 0.1%
Ascendas Real Estate Investment Trust		2,300		5
Oversea-Chinese Banking Corp. Ltd.		1,600		16
				21

	Number of Shares		Value (000's omitted)
Spain 0.1%
Bankinter SA		612	$	6
Repsol SA		1,199		23
				29
Sweden 0.1%
ICA Gruppen AB		605		19
Skandinaviska Enskilda Banken AB, Class A		259		2
				21
Switzerland 0.6%
ABB Ltd.		55		1
Baloise Holding AG		55		9
Georg Fischer AG		11		14
Novartis AG		317		24
Roche Holding AG		51		11
Swiss Life Holding AG		28		10	*
Swiss Prime Site AG		68		6	*
Swiss Re AG		186		18
Swisscom AG		24		12
Zurich Insurance Group AG		43		14
				119
United Kingdom 1.0%
Anglo American PLC		48		1
AstraZeneca PLC		116		8
Barclays PLC		2,116		6
Barratt Developments PLC		1,211		9
BP PLC		565		4
Croda International PLC		123		8
EI Group PLC		2,633		5	*
Evraz PLC		3,944		25
Ferrexpo PLC		2,062		7
Forterra PLC		1,013		4	^(c)
GlaxoSmithKline PLC		220		4
Glencore PLC		2,171		10	*
Grafton Group PLC		43		0	^(d)
HSBC Holdings PLC		1,486		15
J Sainsbury PLC		954		4
John Menzies PLC		2,405		21
Lloyds Banking Group PLC		4,239		4
Rio Tinto Ltd.		105		6
Royal Mail PLC		811		7
Segro PLC		733		7
Smith & Nephew PLC		233		5
Vodafone Group PLC		6,264		18
WM Morrison Supermarkets PLC		7,632		25
				203

	Number of Shares		Value (000's omitted)
United States 17.1%
3M Co.		56	$	11
AbbVie, Inc.		175		17
Aetna, Inc.		69		12	^(a)
Aflac, Inc.		744		34
Agilent Technologies, Inc.		218		14
AGNC Investment Corp.		1,109		21
Allergan PLC		395		61
Alphabet, Inc. Class A		79		80	*
Alphabet, Inc. Class C		22		22	*^(a)
Amazon.com, Inc.		66		103	*^(a)
Ameren Corp.		91		5
Amgen, Inc.		184		32	^(a)
Amphenol Corp. Class A		27		2
Annaly Capital Management, Inc.		2,009		21
Anthem, Inc.		33		8
Apple, Inc.		801		132	^(a)
Applied Materials, Inc.		99		5
Aramark		458		17
Archer-Daniels- Midland Co.		587		27
ARMOUR Residential REIT, Inc.		269		6
AT&T, Inc.		636		21
Avnet, Inc.		229		9
AVX Corp.		600		9
Bank of America Corp.		2,478		74	^(a)
Baxter International, Inc.		346		24
Berkshire Hathaway, Inc. Class B		24		5	*
Boeing Co.		25		8
Booking Holdings, Inc.		37		81	*
Broadcom, Inc.		253		58
Camden Property Trust		65		6
Carnival Corp.		233		15
Carnival PLC		174		11
CDW Corp.		77		5
CenterPoint Energy, Inc.		374		9
Charter Communications, Inc. Class A		177		48	*
Cheniere Energy, Inc.		1,130		66	*^(a)
Chevron Corp.		391		49	^(a)
Chimera Investment Corp.		57		1
Cisco Systems, Inc.		524		23	^(a)

See Notes to Financial Statements

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

	Number of Shares		Value (000's omitted)
Citigroup, Inc.		233	$	16
Coca-Cola Co.		220		10
Comcast Corp. Class A		1,643		52	^(a)
Constellation Brands, Inc. Class A		294		69
Corning, Inc.		851		23	^(a)
Cummins, Inc.		33		5
CVS Health Corp.		19		1
Danaher Corp.		142		14	^(a)
Darden Restaurants, Inc.		113		10
DowDuPont, Inc.		901		57
DTE Energy Co.		53		6
Duke Energy Corp.		3		0
Eaton Corp. PLC		325		24	^(a)
Exelon Corp.		119		5
Extra Space Storage, Inc.		68		6
Exxon Mobil Corp.		446		35
Facebook, Inc. Class A		538		93	*^(a)
Fidelity National Information Services, Inc.		13		1
Ford Motor Co.		1,143		13
Gaming and Leisure Properties, Inc.		146		5
Garmin Ltd.		90		5
General Dynamics Corp.		25		5	^(a)
General Motors Co.		514		19
Gilead Sciences, Inc.		152		11
Goldman Sachs Group, Inc.		243		58
Graham Holdings Co. Class B		24		14
Harris Corp.		181		28	^(a)
Hartford Financial Services Group, Inc.		23		1
HCA Healthcare, Inc.		628		60
Home Depot, Inc.		61		11
Honeywell International, Inc.		66		10
Host Hotels & Resorts, Inc.		289		6
HP, Inc.		226		5
Humana, Inc.		21		6
Huntsman Corp.		640		19
Illinois Tool Works, Inc.		27		4
Ingersoll-Rand PLC		64		5
Ingredion, Inc.		33		4
Intel Corp.		1,005		52	^(a)
International Paper Co.		95		5

	Number of Shares		Value (000's omitted)
Invesco Mortgage Capital, Inc.		360	$	6
Jabil, Inc.		577		15
Johnson & Johnson		207		26	^(a)
JPMorgan Chase & Co.		595		65	^(a)
Kellogg Co.		78		5
Kohl's Corp.		26		2
Kronos Worldwide, Inc.		252		6
L3 Technologies, Inc.		57		11
Laboratory Corp. of America Holdings		104		18	*
Lam Research Corp.		15		3
Las Vegas Sands Corp.		278		20
Lear Corp.		24		4
Leidos Holdings, Inc.		85		5
Liberty Media Corp.-Liberty SiriusXM Class C		85		4	*^(a)
Loews Corp.		277		15
Lululemon Athletica, Inc.		90		9	*
LyondellBasell Industries NV Class A		220		23
MasterCard, Inc. Class A		365		65
McDonald's Corp.		80		13
MDU Resources Group, Inc.		329		9	^(a)
Medtronic PLC		125		10	^(a)
Merck & Co., Inc.		426		25
MFA Financial, Inc.		1,481		11
Microchip Technology, Inc.		46		4
Micron Technology, Inc.		310		14	*
Microsoft Corp.		1,324		124	^(a)
Mohawk Industries, Inc.		308		65	*^(a)
Monsanto Co.		524		66
MTGE Investment Corp.		997		18
National Research Corp.		16		1
New Residential Investment Corp.		158		3
Newmont Mining Corp.		145		6
News Corp. Class A		340		5
Norfolk Southern Corp.		39		6
Northrop Grumman Corp.		15		5

	Number of Shares		Value (000's omitted)
Occidental Petroleum Corp.		82	$	6
OGE Energy Corp.		28		1
Orbital ATK, Inc.		120		16
Owens Corning		223		15
Parker-Hannifin Corp.		12		2
PepsiCo, Inc.		66		7
Pfizer, Inc.		887		32
Philip Morris International, Inc.		78		6
Phillips 66		274		30
PNC Financial Services Group, Inc.		175		25	^(a)
Procter & Gamble Co.		125		9
Prudential Financial, Inc.		132		14
Quest Diagnostics, Inc.		93		9
Reinsurance Group of America, Inc.		164		25
Reliance Steel & Aluminum Co.		29		3
Republic Services, Inc.		190		12
Royal Caribbean Cruises Ltd.		43		5
Sanderson Farms, Inc.		81		9
Shire PLC ADR		502		80
Stanley Black & Decker, Inc.		14		2
State Street Corp.		180		18
STERIS PLC		256		24
Sysco Corp.		46		3
Tapestry, Inc.		255		14
Target Corp.		297		22
Teradyne, Inc.		599		19	^(a)
Texas Instruments, Inc.		249		25	^(a)
Tiffany & Co.		53		5
Time Warner, Inc.		242		23	^(a)
Twenty-First Century Fox, Inc. Class B		154		6
Tyson Foods, Inc. Class A		62		4
U.S. Bancorp		54		3
Union Pacific Corp.		42		6
UnitedHealth Group, Inc.		172		41
Universal Health Services, Inc. Class B		545		62
Valero Energy Corp.		230		26
Ventas, Inc.		101		5
Verizon Communications, Inc.		517		26

See Notes to Financial Statements

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

	Number of Shares		Value (000's omitted)
VF Corp.		143	$	12
Viacom, Inc. Class B		166		5
Visa, Inc. Class A		625		79	^(a)
Vishay Intertechnology, Inc.		196		3
Walgreens Boots Alliance, Inc.		119		8
Walmart, Inc.		410		36	^(a)
Waste Management, Inc.		79		6
WEC Energy Group, Inc.		242		16
Wells Fargo & Co.		1,288		67
Welltower, Inc.		93		5
Weyerhaeuser Co.		658		24
WP Carey, Inc.		78		5
Xcel Energy, Inc.		354		17
Xerox Corp.		723		23
				3,558
Total Common Stocks (Cost $4,776)				5,126
	Principal Amount (000's omitted)
U.S. Treasury Obligations 6.8%
U.S. Treasury Bill, 0.09%, due 5/24/18	$	100		100	^(e)(f)
U.S. Treasury Bond, 3.88%, due 8/15/40		5		6
U.S. Treasury Inflation- Indexed Bonds^(g)
1/15/26 2.00%, due		273		300
4/15/28 3.63%, due		85		107
1/15/29 2.50%, due		46		54
4/15/29 3.88%, due		161		212
4/15/32 3.38%, due		7		9
2/15/46 1.00%, due		47		48
U.S. Treasury Notes 1.38%, due 11/30/18		190		189
4/15/19 0.88%, due		260		257

	Principal Amount (000's omitted)		Value (000's omitted)
2.25 11/15/27%, due	$	145	$	137
Total U.S. Treasury Obligations (Cost $1,428)				1,419
U.S. Government Agency Securities 0.6%
Federal Home Loan Bank, 5.50%, due 7/15/36		80		104
Federal National Mortgage Association, 5.63%, due 7/15/37		20		26
Total U.S. Government Agency Securities (Cost $134)				130
Mortgage-Backed Securities 7.0%
Collateralized Mortgage Obligations 1.8%
Fannie Mae Connecticut Avenue Securities
Ser. 2017-C02, Class 2M2, (1 month USD LIBOR + 3.65%), 5.55%, due 9/25/29		130		142	^(h)
Ser. 2017-C03, Class 1M2, (1 month USD LIBOR + 3.00%), 4.90%, due 10/25/29		25		27	^(h)
Ser. 2017-C04, Class 2M2, (1 month USD LIBOR + 2.85%), 4.75%, due 11/25/29		70		73	^(h)
Ser. 2017-C05, Class 1M2, (1 month USD LIBOR + 2.20%), 4.10%, due 1/25/30		75		76	^(h)
Ser. 2017-C06, Class 1M2, (1 month USD LIBOR + 2.65%), 4.55%, due 2/25/30		15		16	^(h)

	Principal Amount (000's omitted)		Value (000's omitted)
Ser. 2017-C06, Class 2M2, (1 month USD LIBOR + 2.80%), 4.70%, due 2/25/30	$	20	$	21	^(h)
Ser. 2018-C02, Class 2M2, (1 month USD LIBOR + 2.20%), 4.10%, due 8/25/30		20		20	^(h)
				375
Fannie Mae 3.1%
Pass-Through Certificates
3.50%, TBA, 15 Year Maturity		60		60	⁽ⁱ⁾
3.50%, TBA, 30 Year Maturity		120		119	⁽ⁱ⁾
4.00%, TBA, 30 Year Maturity		330		336	⁽ⁱ⁾
4.50%, TBA, 30 Year Maturity		115		120	⁽ⁱ⁾
				635
Freddie Mac 2.1%
Pass-Through Certificates
3.50%, TBA, 15 Year Maturity		25		25	⁽ⁱ⁾
3.50%, TBA, 30 Year Maturity		115		114	⁽ⁱ⁾
4.00%, TBA, 30 Year Maturity		290		296	⁽ⁱ⁾
				435
Total Mortgage- Backed Securities (Cost $1,432)				1,445
Corporate Bonds 6.1%
Australia 0.2%
Westpac Banking Corp., (5 year USD ICE Swap + 2.89%), 5.00%, due 12/31/99		35		32	^(h)
Belgium 0.2%
Anheuser-Busch InBev Finance, Inc., 4.70%, due 2/1/36		10		10
Anheuser-Busch InBev Worldwide, Inc., 4.75%, due 4/15/58		35		35
				45

See Notes to Financial Statements

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

	Principal Amount (000's omitted)		Value (000's omitted)
Brazil 0.1%
Vale Overseas Ltd., 6.25%, due 8/10/26	$	15	$		16
France 0.1%
BNP Paribas SA, 2.38%, due 5/21/20		25		25
Mexico 0.2%
Grupo Bimbo SAB de CV, 4.70%, due 11/10/47		25		23	^(j)
Petroleos Mexicanos, 6.50%, due 3/13/27		20		21
				44
Spain 0.1%
Banco Santander SA, 3.80%, due 2/23/28		20		19
United Kingdom 0.5%
Barclays PLC, 4.38%,due 1/12/26		45		44
BAT Capital Corp., 4.54%, due 8/15/47		40		37	^(j)
HSBC Holdings PLC, (5 year USD ICE Swap + 3.75%), 6.00%, due 11/22/66		30		30	^(h)
				111
United States 4.7%
AbbVie, Inc., 4.70%, due 5/14/45		20		20
Apple, Inc., 4.65%, due 2/23/46		20		21
AT&T, Inc.
4.75 5/15/46%, due		20		19
5.45 3/1/47%, due		30		30
AXA Equitable Holdings, Inc., 5.00%, due 4/20/48		20		19	^(j)
Bank of America Corp., (3 month USD LIBOR + 1.07%), 3.97%, due 3/5/29		20		20	^(h)

	Principal Amount (000's omitted)		Value (000's omitted)
Bank of America Corp., Ser. L, 3.95%, due 4/21/25	$	25	$	24
Broadcom Corp./ Broadcom Cayman Finance Ltd.
3.88 1/15/27%, due		80		76
3.50 1/15/28%, due		5		5
Charter Communications Operating LLC/Charter Communications Operating Capital
4.91 7/23/25%, due		45		46
6.48 10/23/45%, due		15		16
5.38 5/1/47%, due		5		5
5.75 4/1/48%, due		20		20
Citigroup, Inc.
(3 month USD LIBOR + 1.56%), 3.89%, due 1/10/28		10		10	^(h)
(3 month USD LIBOR + 1.15%), 3.52%, due 10/27/28		10		9	^(h)
CVS Health Corp.
4.30 3/25/28%, due		20		20
5.05 3/25/48%, due		50		51
Diamond 1 Finance Corp./Diamond 2 Finance Corp.
5.45 6/15/23%, due		40		42	^(j)
6.02 6/15/26%, due		15		16	^(j)
Discovery Communications LLC
5.00 9/20/37%, due		15		15
5.20 9/20/47%, due		15		15
Energy Transfer Partners L.P.
6.50 2/1/42%, due		10		11
Ser. B, (3 month USD LIBOR + 4.16%), 6.63%, due 12/31/99		30		28	^(h)

	Principal Amount (000's omitted)		Value (000's omitted)
Ford Motor Credit Co. LLC, 3.20%, due 1/15/21	$	20	$	20
General Electric Co., Ser. D, (3 month USD LIBOR + 3.33%), 5.00%, due 12/29/49		80		79	^(h)
Goldman Sachs Group, Inc.
2.60 4/23/20%, due		10		10
(3 month USD LIBOR + 1.51%), 3.69%, due 6/5/28		20		19	^(h)
(3 month USD LIBOR + 1.16%), 3.81%, due 4/23/29		35		33	^(h)
(3 month USD LIBOR + 1.37%), 4.02%, due 10/31/38		20		18	^(h)
5.15 5/22/45%, due		15		15
Hess Corp., 4.30%, due 4/1/27		15		15
HP Enterprise Co.
3.60 10/15/20%, due		20		20
4.90 10/15/25%, due		25		26
JPMorgan Chase & Co., (3 month USD LIBOR + 1.36%), 3.88%, due 7/24/38		15		14	^(h)
Kinder Morgan, Inc.
5.00 2/15/21%, due		25		26	^(j)
5.55 6/1/45%, due		25		25
Morgan Stanley, (3 month USD LIBOR + 1.14%), 3.77%, due 1/24/29		30		29	^(h)
MPLX L.P., 4.70%, due 4/15/48		30		28
Noble Energy, Inc., 5.25%, due 11/15/43		20		21
Synchrony Financial, 2.70%, due 2/3/20		10		10
Verizon Communications, Inc., 4.67%, due 3/15/55		20		18

See Notes to Financial Statements

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

	Principal Amount (000's omitted)		Value (000's omitted)
Wells Fargo & Co., 2.55%, due 12/7/20	$	10	$	10
				974
Total Corporate Bonds (Cost $1,311)				1,266
Asset-Backed Securities 2.0%
Ally Auto Receivables Trust, Ser. 2017-3, Class A2, 1.53%, due 3/16/20		6		6
Argent Securities, Inc., Ser. 2003-W3, Class M1, (1 month USD LIBOR + 1.13%), 3.02%, due 9/25/33		18		18	^(h)
Bear Stearns Asset Backed Securities Trust, Ser. 2006-SD2, Class M2, (1 month USD LIBOR + 0.80%), 2.70%, due 6/25/36		100		97	^(h)
Capital One Multi- Asset Execution Trust, Ser. 2016-A1, Class A1, (1 month USD LIBOR + 0.45%), 2.35%, due 2/15/22		10		10	^(h)
Carrington Mortgage Loan Trust, Ser. 2006- OPT1, Class M1, (1 month USD LIBOR + 0.35%), 2.25%, due 2/25/36		100		98	^(h)
Citibank Credit Card Issuance Trust, Ser. 2017-A3, Class A3, 1.92%, due 4/7/22		100		98

	Principal Amount (000's omitted)		Value (000's omitted)
JP Morgan Mortgage Acquisition Corp., Ser. 2005-OPT2, Class M3, (1 month USD LIBOR + 0.48%), 2.38%, due 12/25/35	$	80	$	77	^(h)
Toyota Auto Receivables Owner Trust, Ser. 2017-B, Class A2A, 1.46%, due 1/15/20		20		20
Total Asset-Backed Securities (Cost $411)				424
	Number of Shares
Exchange-Traded Funds 2.6%
iShares TIPS Bond ETF		2,850		321
SPDR Bloomberg Barclays Short Term High Yield Bond ETF		5,506		151
VanEck Vectors J.P. Morgan EM Local Currency Bond ETF		3,000		56
Total Exchange- Traded Funds (Cost $532)				528
Investment Companies^(k) 52.5%
Neuberger Berman Emerging Markets Debt Fund Institutional Class		114,916		1,034
Neuberger Berman Emerging Markets Equity Fund Class R6		59,894		1,266
Neuberger Berman Floating Rate Income Fund Institutional Class		44,373		440
Neuberger Berman Genesis Fund Class R6		16,650		958

	Number of Shares		Value (000's omitted)
Neuberger Berman High Income Bond Fund Class R6		113,996	$	968
Neuberger Berman International Select Fund Class R6		233,286		3,052	^(l)
Neuberger Berman Long Short Credit Fund Class R6		43,867		411
Neuberger Berman Risk Balanced Commodity Strategy Fund Institutional Class		215,888		1,425
Neuberger Berman U.S. Equity Index PutWrite Strategy Fund Class R6		126,624		1,341
Total Investment Companies (Cost $10,127)				10,895
Total Options Purchased^(m) 0.0%^(b)	1 (Cost $2)
Short-Term Investments 2.3%
Investment Companies 2.3%
State Street Institutional U.S. Government Money Market Fund Premier Class, 1.64%⁽ⁿ⁾ (Cost $483)		482,794		483	^(l)
Total Investments 104.6% (Cost $20,636)				21,717
Liabilities Less Other Assets (4.6)%				(961	)^(o)
Net Assets 100.0%			$	20,756

See Notes to Financial Statements

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

* Non-income producing security.

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

(b) Represents less than 0.05% of net assets.

(c) Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. Total value of all such securities at April 30, 2018 amounted to approximately $10,000, which represents 0.0% of net assets of the Fund.

(d) Amount less than one thousand.

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

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

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

(h) Variable or floating rate security. The interest rate shown was the current rate as of April 30, 2018 and changes periodically.

Benchmarks for Variable / Floating Rates:

LIBOR = London Interbank Offered Rate

ICE = Intercontinental Exchange

(i) TBA (To Be Announced) Securities are purchased/sold on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total value of all such securities (excluding forward sales contracts, if any) at April 30, 2018 amounted to approximately $1,070,000, which represents 5.2% of net assets of the Fund.

(j) Securities were purchased under Rule 144A of the Securities Act of 1933, as amended, or are otherwise restricted and, unless registered under the Securities Act of 1933 or exempted from registration, may only be sold to qualified institutional investors or may have other restrictions on resale. At April 30, 2018, these securities amounted to approximately $163,000, which represents 0.8% of net assets of the Fund. These securities have been deemed by the investment manager to be liquid.

(k) Affiliated company as defined under the Investment Company Act of 1940, as amended (see Note F of Notes to Financial Statements).

(l) All or a portion of this security is segregated in connection with obligations for to be announced securities, options written, futures, forward foreign currency contracts and/or swaps with a total value of approximately $3,534,000.

(m) See "Purchased option contracts" under Derivative Instruments.

(n) Represents 7-day effective yield as of April 30, 2018.

(o) Includes the impact of the Fund's open positions in derivatives at April 30, 2018.

See Notes to Financial Statements

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

POSITIONS BY INDUSTRY

Industry	Investments at Value (000's omitted)		Percentage of Net Assets
Investment Companies*	$	10,895		52.5	%
Mortgage-Backed Securities		1,445		7.0	%
U.S. Treasury Obligations		1,419		6.8	%
Banks		819		3.9	%
Exchange-Traded Funds		528		2.6	%
Asset-Backed Securities		424		2.0	%
Pharmaceuticals		320		1.5	%
Oil, Gas & Consumable Fuels		319		1.5	%
Media		260		1.2	%
Internet Software & Services		254		1.2	%
Internet & Direct Marketing Retail		234		1.1	%
Insurance		228		1.1	%
Technology Hardware, Storage & Peripherals		224		1.1	%
Health Care Providers & Services		218		1.1	%
Semiconductors & Semiconductor Equipment		202		1.0	%
Chemicals		185		0.9	%
Beverages		169		0.8	%
IT Services		166		0.8	%
Food & Staples Retailing		150		0.7	%
Biotechnology		140		0.7	%
Software		138		0.7	%
U.S. Government Agency Securities		130		0.6	%
Computers		125		0.6	%
Pipelines		118		0.6	%
Trading Companies & Distributors		108		0.5	%
Hotels, Restaurants & Leisure		105		0.5	%
Automobiles		97		0.5	%
Metals & Mining		96		0.4	%
Equity Real Estate Investment Trusts		89		0.4	%
Mortgage Real Estate Investment		87		0.4	%
Household Durables		86		0.4	%
Electronic Equipment, Instruments & Components		85		0.4	%
Diversified Telecommunication Services		83		0.4	%
Semiconductors		81		0.4	%
Miscellaneous Manufacturers		79		0.4	%
Health Care Equipment & Supplies		77		0.4	%
Capital Markets		76		0.4	%
Aerospace & Defense		73		0.4	%
Telecommunications		67		0.3	%
Multi-Utilities		63		0.3	%
Food Products		62		0.3	%
Oil & Gas		57		0.3	%
Electric Utilities		41		0.2	%
Agriculture		37		0.2	%
Construction & Engineering		36		0.2	%
Textiles, Apparel & Luxury Goods		35		0.2	%
Specialty Retail		33		0.2	%
Machinery		32		0.2	%
Wireless Telecommunication Services		32		0.2	%
Industrial Conglomerates		28		0.1	%
Electrical Equipment		25		0.1	%
Diversified Financial Services		24		0.1	%

See Notes to Financial Statements

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

POSITIONS BY INDUSTRY (cont'd)

Industry	Investments at Value (000's omitted)			Percentage of Net Assets
Multiline Retail	$	24			0.1	%
Real Estate Management & Development		24			0.1	%
Communications Equipment		23			0.1	%
Food		23			0.1	%
Commercial Services & Supplies		21			0.1	%
Distributors		21			0.1	%
Independent Power and Renewable Electricity Producers		21			0.1	%
Auto Manufacturers		20			0.1	%
Airlines		19			0.1	%
Transportation Infrastructure		17			0.1	%
Iron—Steel		16			0.1	%
Building Products		15			0.1	%
Diversified Consumer Services		14			0.1	%
Life Sciences Tools & Services		14			0.1	%
Road & Rail		12			0.1	%
Containers & Packaging		9			0.0	%
Household Products		9			0.0	%
Tobacco		9			0.0	%
Auto Components		8			0.0	%
Air Freight & Logistics		7			0.0	%
Construction Materials		4			0.0	%
Short-Term Investments and Other Liabilities—Net		(478	)		(2.3	)%
	$	20,756			100.0	%

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

See Notes to Financial Statements

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

Derivative Instruments

Futures contracts ("futures")

At April 30, 2018, open positions in futures for the Fund were as follows:

Long Futures:

Expiration Date	Number of Contracts		Open Contracts	Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
5/2018		1	HSCEI Index	$	78,134	$	1,911
6/2018		3	Euro-Bund		575,083		(401	)
6/2018		1	Topix Index		162,779		5,580
6/2018		17	Euro STOXX 50 Index		713,184		19,141
6/2018		1	FTSE 100 Index		102,702		4,991
6/2018		2	MSCI EAFE Index		202,650		(1,100	)
6/2018		13	MSCI Emerging Markets Index		748,930		(43,797	)
6/2018		4	S&P 500 E-Mini Index		529,400		(40	)
6/2018		10	Stoxx Europe 600		230,048		11,581
6/2018		1	Canadian Bond, 10 Year		102,379		(8	)
6/2018		4	U.S. Treasury Long Bond		575,375		(6,209	)
6/2018		11	U.S. Treasury Note, 10 Year		1,315,875		(3,395	)
6/2018		1	U.S. Treasury Note, 5 Year		113,508		(281	)
Total Long Positions				$	5,450,047	$	(12,027	)

Short Futures:

Expiration Date	Number of Contracts		Open Contracts	Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
6/2018		4	Euro-Bund	$	(766,777	)	$	(7,787	)
6/2018		2	Euro-OAT		(371,482	)		(5,072	)
6/2018		4	S&P 500 E-Mini Index		(529,400	)		28,400
6/2018		1	U.S. Treasury Note, Ultra 10 Year		(127,891	)		(563	)
6/2018		3	U.S. Treasury Long Bond		(431,531	)		(3,059	)
6/2018		3	U.S. Treasury Note, 10 Year		(358,875	)		1,023
6/2018		1	U.S. Treasury Ultra Bond		(157,125	)		(2,617	)
Total Short Positions				$	(2,743,081	)	$	10,325
Total Futures							$	(1,702	)

At April 30, 2018, the Fund had $153,724 deposited in a segregated account to cover margin requirements on open futures. The Fund had securities pledged in the amount of $99,898 to cover collateral requirements on open futures.

For the six months ended April 30, 2018, the average notional value of futures for the Fund was $4,166,359 for long positions and $(2,867,788) for short positions.

See Notes to Financial Statements

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

Forward foreign currency contracts ("forward contracts")

At April 30, 2018, open forward contracts for the Fund were as follows:

Currency Purchased			Currency Sold			Counterparty	Settlement Date	Net Unrealized Appreciation/ (Depreciation)
	165,180	USD		217,117	AUD	Citibank, N.A.	7/24/2018	$	1,664
	46,802	USD		60,099	AUD	JPMorgan Chase Bank N.A.	7/24/2018		1,540
	93,462	USD		120,009	AUD	Royal Bank of Canada	7/24/2018		3,080
	113,857	USD		146,410	AUD	Standard Chartered Bank	7/24/2018		3,592
	175,287	USD		225,313	AUD	State Street Bank and Trust Company	7/24/2018		5,597
	784,736	USD		989,638	CAD	Goldman Sachs International	7/24/2018		12,469
	25,788	USD		32,575	CAD	Goldman Sachs International	7/24/2018		368
	516,847	USD		652,114	CAD	JPMorgan Chase Bank N.A.	7/24/2018		7,969
	140,204	USD		175,747	CAD	JPMorgan Chase Bank N.A.	7/24/2018		3,060
	416,060	USD		524,986	CAD	Royal Bank of Canada	7/24/2018		6,386
	76,501	USD		73,305	CHF	Citibank, N.A.	7/24/2018		1,992
	163,458	USD		156,832	CHF	Goldman Sachs International	7/24/2018		4,049
	15,874	USD		15,329	CHF	Goldman Sachs International	7/24/2018		293
	130,042	USD		124,766	CHF	JPMorgan Chase Bank N.A.	7/24/2018		3,226
	332,553	USD		318,845	CHF	Royal Bank of Canada	7/24/2018		8,469
	762,675	USD		730,784	CHF	Societe Generale	7/24/2018		19,884
	16,589	USD		15,900	CHF	Standard Chartered Bank	7/24/2018		427
	611,143	USD		489,926	EUR	Citibank, N.A.	7/24/2018		15,732
	36,425	USD		29,292	EUR	JPMorgan Chase Bank N.A.	7/24/2018		826
	32,982	USD		26,447	EUR	Royal Bank of Canada	7/24/2018		841
	1,843,042	USD		1,477,714	EUR	State Street Bank and Trust Company	7/24/2018		47,162
	283,527	USD		227,424	EUR	State Street Bank and Trust Company	7/24/2018		7,137
	86,136	USD		69,008	EUR	State Street Bank and Trust Company	7/24/2018		2,270
	81,582	USD		65,858	EUR	State Street Bank and Trust Company	7/24/2018		1,544
	212,005	USD		148,474	GBP	Citibank, N.A.	7/24/2018		6,771
	113,652	USD		79,548	GBP	Citibank, N.A.	7/24/2018		3,694
	26,206	USD		18,236	GBP	JPMorgan Chase Bank N.A.	7/24/2018		998
	173,731	USD		121,628	GBP	Standard Chartered Bank	7/24/2018		5,606
	1,019,177	USD		714,238	GBP	State Street Bank and Trust Company	7/24/2018		31,896
	83,888	USD		58,653	GBP	State Street Bank and Trust Company	7/24/2018		2,813
	124,609	USD		13,269,839	JPY	Citibank, N.A.	7/24/2018		2,521
	184,016	USD		19,906,355	JPY	Citibank, N.A.	7/24/2018		869
	103,013	USD		10,977,706	JPY	Goldman Sachs International	7/24/2018		2,013
	20,826	USD		2,227,144	JPY	Goldman Sachs International	7/24/2018		335
	146,727	USD		15,617,632	JPY	Societe Generale	7/24/2018		3,038
	19,705	USD		2,098,467	JPY	Standard Chartered Bank	7/24/2018		399
	277,929	USD		29,618,797	JPY	State Street Bank and Trust Company	7/24/2018		5,424
	56,072	USD		5,986,807	JPY	State Street Bank and Trust Company	7/24/2018		991
	95,618	USD		101,575,417	KRW	Goldman Sachs International	7/24/2018		539
	64,453	USD		1,179,737	MXN	State Street Bank and Trust Company	7/24/2018		2,175

See Notes to Financial Statements

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

Currency Purchased			Currency Sold			Counterparty	Settlement Date	Net Unrealized Appreciation/ (Depreciation)
	105,160	USD		826,301	NOK	Citibank, N.A.	7/24/2018	$	1,844
	324,793	USD		2,509,806	NOK	Goldman Sachs International	7/24/2018		10,981
	52,755	USD		407,799	NOK	JPMorgan Chase Bank N.A.	7/24/2018		1,766
	116,557	USD		901,703	NOK	State Street Bank and Trust Company	7/24/2018		3,813
	404,681	USD		552,269	NZD	JPMorgan Chase Bank N.A.	7/24/2018		16,133
	569,101	USD		775,642	NZD	Societe Generale	7/24/2018		23,399
	220,089	USD		300,404	NZD	Standard Chartered Bank	7/24/2018		8,740
	437,877	USD		598,107	NZD	State Street Bank and Trust Company	7/24/2018		17,080
	58,120	USD		79,622	NZD	State Street Bank and Trust Company	7/24/2018		2,102
	309,161	USD		2,572,807	SEK	Citibank, N.A.	7/24/2018		13,448
	173,841	USD		1,448,243	SEK	Goldman Sachs International	7/24/2018		7,383
	47,529	USD		397,063	SEK	JPMorgan Chase Bank N.A.	7/24/2018		1,891
	119,438	USD		993,096	SEK	Societe Generale	7/24/2018		5,294
	6	USD		72	ZAR	State Street Bank and Trust Company	7/24/2018		0	^(a)
Total unrealized appreciation								$	343,533
	529,887	AUD		412,469	USD	Citibank, N.A.	7/24/2018		(13,397	)
	487,539	AUD		379,556	USD	Goldman Sachs International	7/24/2018		(12,377	)
	161,797	AUD		126,045	USD	Societe Generale	7/24/2018		(4,191	)
	136,036	AUD		104,745	USD	State Street Bank and Trust Company	7/24/2018		(2,293	)
	295,648	CAD		230,815	USD	Citibank, N.A.	7/24/2018		(106	)
	595,948	CAD		475,478	USD	Citibank, N.A.	7/24/2018		(10,429	)
	980,499	CAD		780,431	USD	Societe Generale	7/24/2018		(15,297	)
	95,668	CAD		76,275	USD	Standard Chartered Bank	7/24/2018		(1,620	)
	1,068,980	CAD		847,232	USD	State Street Bank and Trust Company	7/24/2018		(13,051	)
	108,059	CHF		112,582	USD	Citibank, N.A.	7/24/2018		(2,748	)
	28,926	CHF		30,212	USD	JPMorgan Chase Bank N.A.	7/24/2018		(811	)
	258,927	CHF		269,435	USD	State Street Bank and Trust Company	7/24/2018		(6,253	)
	379,019	CHF		395,064	USD	State Street Bank and Trust Company	7/24/2018		(9,817	)
	102,771	EUR		126,351	USD	Citibank, N.A.	7/24/2018		(1,452	)
	494,784	EUR		616,857	USD	Goldman Sachs International	7/24/2018		(15,541	)
	572,851	EUR		713,990	USD	JPMorgan Chase Bank N.A.	7/24/2018		(17,799	)
	9,179	EUR		11,459	USD	Societe Generale	7/24/2018		(304	)
	224,076	EUR		279,532	USD	Standard Chartered Bank	7/24/2018		(7,210	)
	76,541	GBP		107,274	USD	Citibank, N.A.	7/24/2018		(1,472	)
	22,014	GBP		31,091	USD	Goldman Sachs International	7/24/2018		(661	)
	354,845	GBP		506,643	USD	Goldman Sachs International	7/24/2018		(16,146	)
	287,153	GBP		410,059	USD	JPMorgan Chase Bank N.A.	7/24/2018		(13,131	)
	235,666	GBP		336,709	USD	Royal Bank of Canada	7/24/2018		(10,951	)
	107,798	GBP		154,088	USD	Societe Generale	7/24/2018		(5,080	)
	1,414,069	JPY		13,288	USD	JPMorgan Chase Bank N.A.	7/24/2018		(278	)
	44,852,461	JPY		420,698	USD	JPMorgan Chase Bank N.A.	7/24/2018		(8,036	)
	28,031,634	JPY		263,039	USD	Royal Bank of Canada	7/24/2018		(5,136	)
	40,246,991	KRW		37,915	USD	State Street Bank and Trust Company	7/24/2018		(242	)

See Notes to Financial Statements

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

Currency Purchased			Currency Sold			Counterparty	Settlement Date	Net Unrealized Appreciation/ (Depreciation)
	1,180,153	MXN		64,465	USD	Goldman Sachs International	7/24/2018	$	(2,164	)
	3,756,799	NOK		486,556	USD	Citibank, N.A.	7/24/2018		(16,828	)
	166,310	NOK		21,383	USD	Goldman Sachs International	7/24/2018		(588	)
	1,218,692	NOK		157,324	USD	JPMorgan Chase Bank N.A.	7/24/2018		(4,946	)
	1,427,648	NOK		184,852	USD	Royal Bank of Canada	7/24/2018		(6,347	)
	2,247,380	NOK		291,200	USD	Societe Generale	7/24/2018		(10,201	)
	189,989	NOK		24,578	USD	Standard Chartered Bank	7/24/2018		(822	)
	78,796	NZD		57,772	USD	Citibank, N.A.	7/24/2018		(2,336	)
	462,745	NZD		330,074	USD	Citibank, N.A.	7/24/2018		(4,510	)
	628,923	NZD		460,850	USD	Goldman Sachs International	7/24/2018		(18,372	)
	174,199	NZD		127,776	USD	JPMorgan Chase Bank N.A.	7/24/2018		(5,218	)
	243,549	NZD		178,465	USD	Royal Bank of Canada	7/24/2018		(7,117	)
	141,751	NZD		102,405	USD	State Street Bank and Trust Company	7/24/2018		(2,676	)
	216,552	NZD		158,990	USD	State Street Bank and Trust Company	7/24/2018		(6,636	)
	125,840	SEK		14,922	USD	Goldman Sachs International	7/24/2018		(458	)
	1,413,426	SEK		169,555	USD	JPMorgan Chase Bank N.A.	7/24/2018		(7,099	)
	2,360,825	SEK		283,423	USD	Royal Bank of Canada	7/24/2018		(12,075	)
	2,161,008	SEK		259,355	USD	Standard Chartered Bank	7/24/2018		(10,973	)
	918,269	SEK		110,280	USD	State Street Bank and Trust Company	7/24/2018		(4,736	)
	8,902,936	SEK		1,068,311	USD	State Street Bank and Trust Company	7/24/2018		(45,028	)
Total unrealized depreciation								$	(364,959	)
Total net unrealized depreciation								$	(21,426	)

AUD = Australian Dollar

CAD = Canadian Dollar

CHF = Swiss Franc

EUR = Euro

GBP = Pound Sterling

JPY = Japanese Yen

KRW = South Korean Won^(b)

MXN = Mexican Peso

NOK = Norwegian Krone

NZD = New Zealand Dollar

SEK = Swedish Krona

ZAR = South African Rand

(a) Amount less than one dollar.

(b) Non-deliverable forward contracts.

See Notes to Financial Statements

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

For the six months ended April 30, 2018, the Fund's investments in forward contracts had an average notional value of $27,284,085.

Total return swap contracts ("total return swaps")

At April 30, 2018, the Fund had outstanding over-the-counter total return swaps as follows:

Long Total Return Swaps

Counterparty	Reference Entity	Notional Amount^(r)		Maturity Date	Variable- rate^(q)			Unrealized Appreciation/ (Depreciation)			Accrued Net Interest Receivable/ (Payable)			Value
Goldman Sachs International	MSCI Europe ex UK Financials Index	EUR	78,190	9/15/2018		(0.18	)%^(a)	$	30		$	29		$	59
JPMorgan Chase Bank N.A.	STOXX Europe 600 Travel & Leisure (Net Return) Index	EUR	196,741	11/15/2018		(0.45	)%^(b)		(10,886	)		383			(10,503	)
JPMorgan Chase Bank N.A.	STOXX Europe 600 Basic Resources (Net Return) Index	EUR	71,529	3/8/2019		(0.47	)%^(c)		2,829			54			2,883
Goldman Sachs International	S&P 500 Energy Sector Total Return Index	$	108,466	6/13/2018		2.66	%^(d)		7,479			(281	)		7,198
Goldman Sachs International	S&P 500 Financials Sector Total Return Index		99,778	6/13/2018		2.80	%^(e)		(679	)		(298	)		(977	)
Citibank, N.A.	S&P Industrials Sector Total Return Index		154,392	6/19/2018		2.78	%^(f)		(5,920	)		(429	)		(6,349	)
JPMorgan Chase Bank N.A.	S&P 500 Total Return Index		218,108	4/3/2019		2.40	%^(g)		2,997			(393	)		2,604
Citibank, N.A.	S&P 500 Financials Sector Total Return Index		102,779	4/26/2019		2.15	%^(h)		(986	)		—			(986	)
Total								$	(5,136	)	$	(935	)	$	(6,071	)

Short Total Return Swaps

Counterparty	Reference Entity	Notional Amount^(r)			Maturity Date	Variable- rate^(q)			Unrealized Appreciation/ (Depreciation)			Accrued Net Interest Receivable/ (Payable)			Value
Goldman Sachs International	MSCI Daily Total Return Gross Europe ex UK Index	EUR	(80,538	)	9/15/18		(0.18	)%⁽ⁱ⁾	$	(2,901	)	$	(66	)	$	(2,967	)
JPMorgan Chase Bank N.A.	STOXX Europe 600 (Net Return) Index	EUR	(98,318	)	11/15/18		(0.67	)%^(j)		218			(160	)		58
JPMorgan Chase Bank N.A.	STOXX Europe 600 Utilities (Net Return) Index	EUR	(110,594	)	3/8/19		(0.81	)%^(k)		(8,118	)		(84	)		(8,202	)
JPMorgan Chase Bank N.A.	FTSE 100 Net of Tax Index	GBP	(89,307	)	11/15/18		(0.35	)%^(l)		(2,943	)		54			(2,889	)
Goldman Sachs International	S&P 500 Total Return Index	$	(202,529	)	6/13/2018		2.62	%^(m)		(209	)		552			343

See Notes to Financial Statements

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

Counterparty	Reference Entity	Notional Amount^(r)			Maturity Date	Variable- rate^(q)			Unrealized Appreciation/ (Depreciation)			Accrued Net Interest Receivable/ (Payable)		Value
Citibank, N.A.	S&P 500 Consumer Durables & Apparel Group Total Return Index	$	(160,935	)	6/19/2018		2.40	%⁽ⁿ⁾	$	(924	)	$	360	$	(564	)
Goldman Sachs International	MSCI U.S. REIT Index		(199,563	)	7/13/18		2.57	%⁽ⁿ⁾		3,757			471		4,228
JPMorgan Chase Bank N.A.	S&P 500 Utilities Sector Total Return Index		(109,702	)	4/3/2019		2.27	%^(o)		(2,716	)		29		(2,687	)
JPMorgan Chase Bank N.A.	S&P 500 Consumer Staples Sector Total Return Index		(104,653	)	4/3/2019		2.27	%^(o)		3,481			176		3,657
Citibank, N.A.	S&P 500 Consumer Discretionry Sector Total Return Index		(103,006	)	4/26/2019		2.02	%^(p)		383			—		383
Total									$	(9,972	)	$	1,332	$	(8,640	)

(a) Fund pays 3-month EURIBOR plus 0.15%. Payment frequency—quarterly. Fund receives return on reference entity. Payment frequency—upon termination.

(b) Fund pays 3-month EURIBOR minus 0.12%. Payment frequency—quarterly. Fund receives return on reference entity. Payment frequency—quarterly.

(c) Fund pays 3-month EURIBOR minus 0.14%. Payment frequency—quarterly. Fund receives return on reference entity. Payment frequency—quarterly.

(d) Fund pays 3-month USD LIBOR plus 0.54%. Payment frequency—quarterly. Fund receives return on reference entity. Payment frequency—upon termination.

(e) Fund pays 3-month USD LIBOR plus 0.68%. Payment frequency—quarterly. Fund receives return on reference entity. Payment frequency—upon termination.

(f) Fund pays 3-month USD LIBOR plus 0.60%. Payment frequency—quarterly. Fund receives return on reference entity. Payment frequency—upon termination.

(g) Fund pays 1-month USD LIBOR plus 0.50%. Payment frequency—monthly. Fund receives return on reference entity. Payment frequency—upon termination.

(h) Fund pays 1-month USD LIBOR plus 0.25%. Payment frequency—monthly. Fund receives return on reference entity. Payment frequency—upon termination.

(i) Fund receives 3-month EURIBOR plus 0.15%. Payment frequency—quarterly. Fund pays return on reference entity. Payment frequency—upon termination.

(j) Fund receives 3-month EURIBOR minus 0.34%. Payment frequency—quarterly. Fund pays return on reference entity. Payment frequency—quarterly.

(k) Fund receives 3-month EURIBOR minus 0.48%. Payment frequency—quarterly. Fund pays return on reference entity. Payment frequency—quarterly.

(l) Fund receives 3-month EURIBOR minus 0.02%. Payment frequency—quarterly. Fund pays return on reference entity. Payment frequency—quarterly.

(m) Fund receives 3-month USD LIBOR plus 0.50%. Payment frequency—quarterly. Fund pays return on reference entity. Payment frequency—upon termination.

See Notes to Financial Statements

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

(n) Fund receives 3-month USD LIBOR plus 0.22%. Payment frequency—quarterly. Fund pays return on reference entity. Payment frequency—upon termination.

(o) Fund receives 1-month USD LIBOR plus 0.37%. Payment frequency—monthly. Fund pays return on reference entity. Payment frequency—upon termination.

(p) Fund receives 1-month USD LIBOR plus 0.12%. Payment frequency—monthly. Fund pays return on reference entity. Payment frequency—upon termination.

EURIBOR = Euro Interbank Offered Rate

LIBOR = London Interbank Offered Rate

(q) Effective rate at April 30, 2018.

(r) Notional amount is stated in the currency in which the contract is denominated.

EUR = Euro

GBP = Pound Sterling

For the six months ended April 30, 2018, the average notional value of total return swaps was $635,911 for long positions and $(843,457) for short positions.

Purchased option contracts ("options purchased")

At April 30, 2018, the Fund had outstanding options purchased as follows:

Description	Number of Contracts		Notional Amount		Exercise Price		Expiration Date	Value
Calls
Index
S&P 500 Mini Index		10	$	264,810	$	288	5/4/2018	$	0	^(a)(b)
S&P 500 Mini Index		8		211,848		292.5	5/4/2018		0	^(a)(b)
S&P 500 Mini Index		7		185,367		295	5/4/2018		0	^(a)(b)
S&P 500 Mini Index		9		238,329		292.5	5/11/2018		0	^(a)(b)
S&P 500 Mini Index		17		450,177		295	5/11/2018		17
S&P 500 Mini Index		9		238,329		294	5/18/2018		0	^(a)(b)
S&P 500 Mini Index		8		211,848		295	5/18/2018		8
S&P 500 Mini Index		9		238,329		295	5/25/2018		14
Total calls (cost $253)								$	39
Puts
Index
S&P 500 Mini Index		10		264,810		235	5/4/2018		0	^(a)(b)
S&P 500 Mini Index		15		397,215		240	5/4/2018		37
S&P 500 Mini Index		18		476,658		240	5/11/2018		171
S&P 500 Mini Index		8		211,848		241	5/11/2018		80
S&P 500 Mini Index		9		238,329		240	5/18/2018		166
S&P 500 Mini Index		8		211,848		241	5/18/2018		156
S&P 500 Mini Index		9		238,329		241	5/25/2018		275
Total puts (cost $1,962)								$	885
Total options purchased (cost $2,215)								$	924

See Notes to Financial Statements

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

(a) Security fair valued as of April 30, 2018 in accordance with procedures approved by the Board of Trustees.

(b) Value determined using significant unobservable inputs.

Written option contracts ("options written")

At April 30, 2018, the Fund had outstanding options written as follows:

Description	Number of Contracts		Notional Amount		Exercise Price		Expiration Date	Value
Calls
Index
S&P 500 Mini Index		10	$	264,810		267	5/4/2018	$	(755	)
S&P 500 Mini Index		8		211,848		271	5/4/2018		(64	)
S&P 500 Mini Index		7		185,367		270	5/4/2018		(98	)
S&P 500 Mini Index		9		238,329		272	5/11/2018		(225	)
S&P 500 Mini Index		8		211,848		271	5/11/2018		(300	)
S&P 500 Mini Index		9		238,329		270.5	5/11/2018		(414	)
S&P 500 Mini Index		17		450,177		272	5/18/2018		(901	)
S&P 500 Mini Index		9		238,329		273	5/25/2018		(545	)
Total calls (premium received $12,324)								$	(3,302	)
Puts
Index
S&P 500 Mini Index		10		264,810		257	5/4/2018		(210	)
S&P 500 Mini Index		8		211,848		263	5/4/2018		(856	)
S&P 500 Mini Index		7		185,367		264	5/4/2018		(970	)
S&P 500 Mini Index		9		238,329		261	5/11/2018		(1,255	)
S&P 500 Mini Index		9		238,329		263	5/11/2018		(1,751	)
S&P 500 Mini Index		8		211,848		265	5/11/2018		(2,152	)
S&P 500 Mini Index		9		238,329		262	5/18/2018		(2,034	)
S&P 500 Mini Index		8		211,848		263.5	5/18/2018		(2,204	)
S&P 500 Mini Index		9		238,329		262.5	5/25/2018		(2,605	)
Total puts (premium received $15,903)								$	(14,037	)
Total options written (premium received $28,227)								$	(17,339	)

(a) Security fair valued as of April 30, 2018 in accordance with procedures approved by the Board of Trustees.

(b) Value determined using significant unobservable inputs.

For the six months ended April 30, 2018, the Fund had an average market value of $1,009 in options purchased and $(18,355) in options written. At April 30, 2018, the Fund had securities pledged in the amount of $1,019,891 to cover collateral requirements for options written.

See Notes to Financial Statements

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

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of April 30, 2018:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3^(c)		Total
Investments:
Common Stocks
Australia	$	—	$	72	$	—	$	72
Austria		1		43		—		44
Belgium		—		23		—		23
China		109		8		—		117
Denmark		—		39		—		39
Finland		—		12		—		12
France		—		95		—		95
Germany		—		164		—		164
Hong Kong		—		31		—		31
Isreal		—		7		—		7
Italy		—		76		—		76
Japan		—		323		—		323
Netherlands		—		34		—		34
Norway		—		7		—		7
Singapore		—		21		—		21
Spain		—		29		—		29
Sweden		—		21		—		21
Switzerland		—		119		—		119
United Kingdom		4		199		—		203
United States		3,547		11		—		3,558
Other Common Stocks^(a)		131		—		—		131
Total Common Stocks		3,792		1,334		—		5,126
U.S. Treasury Obligations		—		1,419		—		1,419
U.S. Government Agency Securities		—		130		—		130
Mortgage-Backed Securities^(a)		—		1,445		—		1,445
Corporate Bonds^(a)		—		1,266		—		1,266
Asset-Backed Securities		—		424		—		424
Exchange-Traded Funds		528		—		—		528
Investment Companies		—		10,895		—		10,895
Options Purchased^(b)		1		—		0		1
Short-Term Investments		—		483		—		483
Total Investments	$	4,321	$	17,396	$	0	$	21,717

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

(b) The "Purchased option contracts" table under Derivative Instruments provides information on the industry or sector categorization for the portfolio.

See Notes to Financial Statements

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

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

	Beginning balance, as of 11/1/2017		Accrued discounts/ (premiums)		Realized gain/(loss)		Change in unrealized appreciation/ (depreciation)			Purchases			Sales		Transfers into Level 3		Transfers out of Level 3		Balance, as of 4/30/2018		Net change in unrealized appreciation/ (depreciation) from investments still held as of 4/30/2018
Investment in securities (000's omitted)
Options Purchased^(e)
Calls
Index	$	—	$	—	$	—	$	(0	)^(d)	$	0	^(d)	$	—	$	—	$	—	$	0	$	(0	)^(d)
Puts
Index		—		—		—		(1	)		1			—		—		—		0		(1	)
Total	$	—	$	—	$	—	$	(1	)	$	1		$	—	$	—	$	—	$	0	$	(1	)

(d) Amount less than one thousand.

(e) As of the six months ended April 30, 2018, these investments were valued in accordance with procedures approved by the Board of Trustees. 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.

As of the six months ended April 30, 2018, certain securities were transferred from one level (as of October 31, 2017) to another. Based on beginning of period market values as of November 1, 2017, $906,000 was transferred from Level 1 to Level 2. These securities were categorized as Level 2 as of April 30, 2018, due to the use of Interactive Data Pricing and Reference Data LLC adjusted prices, as stated in the description of the valuation methods of foreign equity securities in the Notes to Financial Statements and/or foreign exchanges having been closed and, therefore, no prices having been readily available for the securities as of that date.

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's derivatives as of April 30, 2018:

Other Financial Instruments
(000's omitted)	Level 1			Level 2			Level 3^(b)		Total
Futures^(a)
Assets	$	73		$	—		$	—	$	73
Liabilities		(75	)		—			—		(75	)
Forward Contracts^(a)
Assets		—			344			—		344
Liabilities		—			(365	)		—		(365	)
Swaps
Assets		—			21			—		21
Liabilities		—			(36	)		—		(36	)
Options Written
Liabilities		(17	)		—			—		(17	)
Total	$	(19	)	$	(36	)	$	—	$	(55	)

See Notes to Financial Statements

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

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

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

	Beginning balance, as of 11/1/2017			Accrued discounts/ (premiums)		Realized gain/(loss)			Change in unrealized appreciation/ (depreciation)			Purchases			Sales			Transfers into Level 3		Transfers out of Level 3		Balance, as of 4/30/2018		Net change in unrealized appreciation/ (depreciation) from investments still held as of 4/30/2018
Other Financial Instruments (000's omitted)
Options Written^(d)
Calls
Index	$	(0	)^(c)	$	—	$	0	^(c)	$	(0	)^(c)	$	0	^(c)	$	(0	)^(c)	$	—	$	—	$	—	$	—
Puts
Index		(0	)		—		0	^(c)		(0	)^(c)		0	^(c)		(0	)^(c)		—		—		—		—
Total	$	(0	)^(c)	$	—	$	0	^(c)	$	(0	)^(c)	$	0	^(c)	$	(0	)^(c)	$	—	$	—	$	—	$	—

(d) At the beginning of the period, the Fund's Level 3 investments were valued in accordance with procedures approved by the Board of Trustees. The Fund held no Level 3 investments in options written at April 30, 2018.

See Notes to Financial Statements

Schedule of Investments Hedged Option Premium Strategy Fund (Unaudited) April 30, 2018

PRINCIPAL AMOUNT								VALUE
(000's omitted)								(000's omitted)

U.S. Treasury Obligations 98.1%
		U.S. Treasury Notes
$	600	1.13%, due 6/15/18	$	599
	2,600	1.00%, due 9/15/18—3/15/19		2,579
	1,800	1.25%, due 12/15/18		1,790	^(a)
	4,000	0.88%, due 6/15/19—9/15/19		3,927
	3,100	1.38%, due 12/15/19—9/15/20		3,032	^(a)
	2,500	1.63%, due 3/15/20—6/30/20		2,458	^(a)
	1,400	1.50%, due 6/15/20		1,370
	1,500	1.88%, due 12/15/20		1,473
		Total U.S. Treasury Obligations (Cost $17,417)		17,228
NUMBER OF SHARES
		Total Options Purchased^(b) 0.1% (Cost $21)		8
Short-Term Investments 1.5%
Investment Companies 1.5%
	266,117	State Street Institutional U.S. Government Money Market Fund Premier Class, 1.63%^(c)		266	^(d)
		(Cost $266)
		Total Investments 99.7% (Cost $17,704)		17,502
		Other Assets Less Liabilities 0.3%		61	^(e)
		Net Assets 100.0%	$	17,563

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

(b) See "Purchased option contracts" under Derivative Instruments.

(d) All or a portion of this security is segregated in connection with obligations for options written with a total value of approximately $266,000.

(e) Includes the impact of the Fund's open positions in derivatives at April 30, 2018.

See Notes to Financial Statements

Schedule of Investments Hedged Option Premium Strategy Fund (Unaudited) (cont'd)

Derivative Instruments

Purchased option contracts ("options purchased")

At April 30, 2018, the Fund had outstanding options purchased as follows:

Description	Number of Contracts		Notional Amount		Exercise Price		Expiration Date	Value
Calls
Index
Russell 2000 Index		2	$	308,376	$	1,685	5/4/2018	$	0	^(a)(b)
Russell 2000 Index		2		308,376		1,705	5/4/2018		0	^(a)(b)
Russell 2000 Index		1		154,188		1,730	5/4/2018		0	^(a)(b)
Russell 2000 Index		3		462,564		1,710	5/11/2018		0	^(a)(b)
Russell 2000 Index		2		308,376		1,730	5/11/2018		0	^(a)(b)
Russell 2000 Index		2		308,376		1,710	5/18/2018		20
Russell 2000 Index		2		308,376		1,730	5/18/2018		10
Russell 2000 Index		2		308,376		1,710	5/25/2018		58
S&P 500 Index		6		1,588,830		2,900	5/4/2018		0	^(a)(b)
S&P 500 Index		6		1,588,830		2,925	5/4/2018		0	^(a)(b)
S&P 500 Index		6		1,588,830		2,950	5/4/2018		0	^(a)(b)
S&P 500 Index		6		1,588,830		2,925	5/11/2018		0	^(a)(b)
S&P 500 Index		6		1,588,830		2,940	5/11/2018		0	^(a)(b)
S&P 500 Index		6		1,588,830		2,950	5/11/2018		0	^(a)(b)
S&P 500 Index		6		1,588,830		2,935	5/18/2018		0	^(a)(b)
S&P 500 Index		6		1,588,830		2,955	5/18/2018		0	^(a)(b)
S&P 500 Index		6		1,588,830		2,925	5/25/2018		180	^(a)(b)
Total calls (cost $1,919)								$	268
Puts
Index
Russell 2000 Index		2	$	308,376	$	1,380	5/4/2018	$	0	^(a)(b)
Russell 2000 Index		2		308,376		1,395	5/4/2018		0	^(a)(b)
Russell 2000 Index		1		154,188		1,415	5/4/2018		6
Russell 2000 Index		2		308,376		1,395	5/11/2018		70
Russell 2000 Index		1		154,188		1,400	5/11/2018		40
Russell 2000 Index		2		308,376		1,415	5/11/2018		110
Russell 2000 Index		2		308,376		1,400	5/18/2018		195
Russell 2000 Index		2		308,376		1,415	5/18/2018		250
Russell 2000 Index		2		308,376		1,400	5/25/2018		400
S&P 500 Index		6		1,588,830		2,375	5/4/2018		135
S&P 500 Index		6		1,588,830		2,395	5/4/2018		150
S&P 500 Index		6		1,588,830		2,420	5/4/2018		180
S&P 500 Index		6		1,588,830		2,395	5/11/2018		540

See Notes to Financial Statements

Schedule of Investments Hedged Option Premium Strategy Fund (Unaudited) (cont'd)

Description	Number of Contracts		Notional Amount		Exercise Price		Expiration Date	Value
Puts
Index
S&P 500 Index		6		1,588,830	$	2,400	5/11/2018	$	555
S&P 500 Index		6		1,588,830		2,420	5/11/2018		645
S&P 500 Index		6		1,588,830		2,400	5/18/2018		1,050
S&P 500 Index		6		1,588,830		2,420	5/18/2018		1,200
S&P 500 Index		6		1,588,830		2,400	5/25/2018		1,740
Total puts (cost $19,352)								$	7,266
Total options purchased (cost $21,271)								$	7,534

(a) Security fair valued as of April 30, 2018 in accordance with procedures approved by the Board of Trustees.

(b) Value determined using significant unobservable inputs.

Written option contracts ("options written")

At April 30, 2018, the Fund had outstanding options written as follows:

Description	Number of Contracts		Notional Amount		Exercise Price		Expiration Date	Value
Calls
Index
Russell 2000 Index		2	$	308,376	$	1,560	5/4/2018	$	(565	)
Russell 2000 Index		2		308,376		1,575	5/4/2018		(135	)
Russell 2000 Index		1		154,188		1,585	5/4/2018		(25	)
Russell 2000 Index		1		154,188		1,570	5/11/2018		(400	)
Russell 2000 Index		2		308,376		1,580	5/11/2018		(425	)
Russell 2000 Index		2		308,376		1,595	5/11/2018		(150	)
Russell 2000 Index		2		308,376		1,580	5/18/2018		(810	)
Russell 2000 Index		2		308,376		1,605	5/18/2018		(195	)
Russell 2000 Index		2		308,376		1,585	5/25/2018		(1,130	)
S&P 500 Index		6		1,588,830		2,690	5/4/2018		(1,485	)
S&P 500 Index		6		1,588,830		2,700	5/4/2018		(810	)
S&P 500 Index		6		1,588,830		2,715	5/4/2018		(360	)
S&P 500 Index		6		1,588,830		2,695	5/11/2018		(4,020	)
S&P 500 Index		6		1,588,830		2,710	5/11/2018		(2,250	)
S&P 500 Index		6		1,588,830		2,730	5/11/2018		(1,005	)
S&P 500 Index		6		1,588,830		2,710	5/18/2018		(4,110	)
S&P 500 Index		6		1,588,830		2,740	5/18/2018		(1,530	)
S&P 500 Index		6		1,588,830		2,720	5/25/2018		(4,830	)
Total calls (premium received $107,994)								$	(24,235	)

See Notes to Financial Statements

Schedule of Investments Hedged Option Premium Strategy Fund (Unaudited) (cont'd)

Description	Number of Contracts		Notional Amount		Exercise Price		Expiration Date	Value
Puts
Index
Russell 2000 Index		2	$	308,376	$	1,500	5/4/2018	$	(270	)
Russell 2000 Index		2		308,376		1,525	5/4/2018		(900	)
Russell 2000 Index		1		154,188		1,555	5/4/2018		(1,710	)
Russell 2000 Index		2		308,376		1,520	5/11/2018		(1,590	)
Russell 2000 Index		1		154,188		1,540	5/11/2018		(1,420	)
Russell 2000 Index		2		308,376		1,550	5/11/2018		(3,780	)
Russell 2000 Index		2		308,376		1,530	5/18/2018		(2,820	)
Russell 2000 Index		2		308,376		1,540	5/18/2018		(3,540	)
Russell 2000 Index		2		308,376		1,525	5/25/2018		(3,220	)
S&P 500 Index		6		1,588,830		2,585	5/4/2018		(1,935	)
S&P 500 Index		6		1,588,830		2,620	5/4/2018		(5,040	)
S&P 500 Index		6		1,588,830		2,660	5/4/2018		(13,740	)
S&P 500 Index		6		1,588,830		2,605	5/11/2018		(7,800	)
S&P 500 Index		6		1,588,830		2,640	5/11/2018		(13,920	)
S&P 500 Index		6		1,588,830		2,645	5/11/2018		(15,090	)
S&P 500 Index		6		1,588,830		2,630	5/18/2018		(15,300	)
S&P 500 Index		6		1,588,830		2,635	5/18/2018		(16,380	)
S&P 500 Index		6		1,588,830		2,615	5/25/2018		(15,660	)
Total puts (premium received $150,889)								$	(124,115	)
Total options written (premium received $258,883)								$	(148,350	)

For the six months ended April 30, 2018, the Fund had an average market value of $8,742 in options purchased and $(164,299) in options written. At April 30, 2018, the Fund had securities pledged in the amount of $2,668,746 to cover collateral requirements for options written.

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of April 30, 2018:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3^(b)			Total
Investments:
U.S. Treasury Obligations	$	—	$	17,228	$	—		$	17,228
Options Purchased^(a)		8		—		0	^(c)		8
Short-Term Investments		—		266		—			266
Total Investments	$	8	$	17,494	$	0	^(c)	$	17,502

(a) The "Purchased option contracts" table under Derivative Instruments provides information on the industry or sector categorization for the portfolio.

See Notes to Financial Statements

Schedule of Investments Hedged Option Premium Strategy Fund (Unaudited) (cont'd)

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

	Beginning balance, as of 11/1/2017			Accrued discounts/ (premiums)		Realized gain/(loss)			Change in unrealized appreciation/ (depreciation)			Purchases		Sales		Transfers into Level 3		Transfers out of Level 3		Balance, as of 4/30/2018			Net change in unrealized appreciation/ (depreciation) from investments still held as of 4/30/2018
Investments in Securities:
(000's omitted)
Options Purchased^(d)
Calls Index	$	0	^(c)	$	—	$	(1	)	$	(1	)	$	2	$	—	$	—	$	—	$	0	^(c)	$	(2	)
Puts Index		—			—		—			(1	)		1		—		—		—		0			(1	)
Total	$	0	^(c)	$	—	$	(1	)	$	(2	)	$	3	$	—	$	—	$	—	$	0	^(c)	$	(3	)

(d) As of the six months ended April 30, 2018, these investments were valued in accordance with procedures approved by the Board of Trustees. 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.

As of the six months ended April 30, 2018, no securities were transferred from one level (as of October 31, 2017) to another.

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's derivatives as of April 30, 2018:

Other Financial Instruments
(000's omitted)	Level 1			Level 2		Level 3		Total
Options Written
Liabilities	$	(148	)	$	—	$	—	$	(148	)
Total	$	(148	)	$	—	$	—	$	(148	)

See Notes to Financial Statements

Schedule of Investments Long Short Fund (Unaudited) April 30, 2018

	Number of Shares		Value (000's omitted)
Long Positions 96.2%
Common Stocks 78.9%
Aerospace & Defense 1.7%
General Dynamics Corp.		142,000	$	28,586
Raytheon Co.		144,900		29,696
				58,282
Air Freight & Logistics 0.6%
Expeditors International of Washington, Inc.		294,205		18,788
Airlines 1.2%
Delta Air Lines, Inc.		796,000		41,567
Banks 3.7%
Comerica, Inc.		549,600		51,981
JPMorgan Chase & Co.		662,900		72,110
				124,091
Beverages 0.5%
PepsiCo, Inc.		182,000		18,371
Biotechnology 1.4%
Gilead Sciences, Inc.		643,200		46,458
Capital Markets 4.0%
BlackRock, Inc.		63,787		33,265
Brookfield Asset Management, Inc. Class A		1,020,898		40,468
CME Group, Inc.		291,000		45,885
Goldman Sachs Group, Inc.		65,200		15,539
				135,157
Chemicals 2.5%
Ashland Global Holdings, Inc.		895,000		59,231

	Number of Shares		Value (000's omitted)
PPG Industries, Inc.		243,100	$	25,740
				84,971
Communications Equipment 0.2%
Juniper Networks, Inc.		267,600		6,580
Construction & Engineering 0.6%
Valmont Industries, Inc.		146,900		20,874
Consumer Finance 0.8%
Synchrony Financial		818,628		27,154
Containers & Packaging 0.2%
Crown Holdings, Inc.		164,700		8,209	*
Diversified Financial Services 1.3%
CF Corp. Class A		465,000		4,432	*
FGL Holdings		4,023,000		38,339	*
				42,771
Electric Utilities 2.4%
Brookfield Infrastructure Partners LP		1,178,600		48,158
NextEra Energy, Inc.		189,900		31,126
				79,284
Electrical Equipment 1.6%
Eaton Corp. PLC		701,500		52,634
Electronic Equipment, Instruments & Components 2.1%
Amphenol Corp. Class A		281,100		23,531
CDW Corp.		675,100		48,128
				71,659
Energy Equipment & Services 1.5%
Cactus, Inc. Class A		215,300		6,181	*
Schlumberger Ltd.		652,200		44,715
				50,896
Equity Real Estate Investment Trust 0.3%
Weyerhaeuser Co.		232,400		8,548

	Number of Shares		Value (000's omitted)
Food & Staples Retailing 2.7%
Costco Wholesale Corp.		157,000	$	30,954
Sprouts Farmers Market, Inc.		1,063,000		26,607	*
Walmart, Inc.		359,100		31,766
				89,327
Food Products 3.7%
Conagra Brands, Inc.		1,671,500		61,963
Hain Celestial Group, Inc.		1,615,000		47,045*
Pinnacle Foods, Inc.		288,700		17,437
				126,445
Health Care Equipment & Supplies 2.0%
DENTSPLY SIRONA, Inc.		1,343,000		67,607
Health Care Providers & Services 4.0%
CVS Health Corp.		630,000		43,993
DaVita, Inc.		915,600		57,491	*
UnitedHealth Group, Inc.		141,600		33,474
				134,958
Hotels, Restaurants & Leisure 1.8%
Marriott International, Inc. Class A		119,200		16,292
McDonald's Corp.		264,000		44,204
				60,496
Internet & Direct Marketing Retail 3.1%
Amazon.com, Inc.		26,700		41,815	*
Expedia Group, Inc.		555,400		63,949
				105,764
Internet Software & Services 5.8%
Alphabet, Inc. Class A		62,500		63,661	*^(a)

See Notes to Financial Statements

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

	Number of Shares		Value (000's omitted)
Alphabet, Inc. Class C		10,353	$	10,532	*
eBay, Inc.		756,500		28,656	*
Facebook, Inc. Class A		367,000		63,124	*^(a)
Spotify Technology SA		194,300		31,413	*
				197,386
IT Services 4.4%
PayPal Holdings, Inc.		238,300		17,780	*
Visa, Inc. Class A		672,000		85,263
WEX, Inc.		289,900		46,941	*
				149,984
Machinery 0.7%
Allison Transmission Holdings, Inc.		96,000		3,743
Gates Industrial Corp. PLC		1,274,002		19,951	*
				23,694
Multi-Utilities 0.8%
Vectren Corp.		244,200		17,160
WEC Energy Group, Inc.		170,600		10,966
				28,126
Oil, Gas & Consumable Fuels 2.9%
Cabot Oil & Gas Corp.		689,501		16,486	^(a)
Cheniere Energy, Inc.		401,220		23,335	*
Enbridge, Inc.		1,969,600		59,620
				99,441
Pharmaceuticals 0.8%
Bristol- Myers Squibb Co.		539,600		28,129
Professional Services 3.6%
Equifax, Inc.		241,600		27,071
IHS Markit Ltd.		1,443,800		70,934	*

	Number of Shares		Value (000's omitted)
Verisk Analytics, Inc.		233,500	$	24,856	*
				122,861
Real Estate Management & Development 0.2%
Five Point Holdings LLC Class A		541,654		7,204	*
Road & Rail 1.9%
CSX Corp.		685,800		40,730
Norfolk Southern Corp.		152,800		21,922	^(a)
				62,652
Semiconductors & Semiconductor Equipment 0.5%
ASML Holding NV		91,000		17,149
Software 1.2%
Microsoft Corp.		424,400		39,690
Specialty Retail 5.6%
Asbury Automotive Group, Inc.		216,300		14,503	*
Home Depot, Inc.		349,000		64,495
Hudson Ltd. Class A		2,690,000		39,893	*^(b)
Michaels Cos., Inc.		769,900		14,335	*
National Vision Holdings, Inc.		236,800		7,881	*
Party City Holdco, Inc.		1,479,300		23,299	*
Tractor Supply Co.		352,000		23,936
				188,342
Technology Hardware, Storage & Peripherals 1.6%
Apple, Inc.		220,300		36,407
Western Digital Corp.		218,000		17,176
				53,583

	Number of Shares		Value (000's omitted)
Textiles, Apparel & Luxury Goods 2.3%
lululemon Athletica, Inc.		165,200	$	16,487	*
PVH Corp.		381,700		60,946	^(a)
				77,433
Tobacco 0.4%
Philip Morris International, Inc.		163,700		13,423
Trading Companies & Distributors 1.6%
HD Supply Holdings, Inc.		1,362,800		52,754	*
Water Utilities 0.7%
American Water Works Co., Inc.		253,000		21,905
Total Common Stocks (Cost $2,216,480)				2,664,647
Preferred Stocks 0.4%
Health Care 0.4%
Moderna Therapeutics Ser. F		1,315,490		13,234	*^(c)(d)(m)
Moderna Therapeutics Ser. G		175,905		1,769	*^(c)(d)(m)
Total Preferred Stocks (Cost $13,320)				15,003
	Principal Amount (000's omitted)
Corporate Bonds 4.1%
Commercial Services 1.3%
APX Group, Inc., 8.75%, due 12/1/20	$	14,612		14,283
IHS Markit Ltd., 4.00%, due 3/1/26		21,540		20,632	^(e)
Prime Security Services Borrower LLC/Prime Finance, Inc., 9.25%, due 5/15/23		8,100		8,697	^(e)
				43,612

See Notes to Financial Statements

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

	Principal Amount (000's omitted)		Value (000's omitted)
Gas 0.8%
Rockpoint Gas Storage Canada Ltd., 7.00%, due 3/31/23	$	26,660	$	26,627	^(e)
Healthcare—Services 0.0%^(f)
Kindred Healthcare, Inc., 8.75%, due 1/15/23		925		991
Household Products—Wares 0.3%
Kronos Acquisition Holdings, Inc., 9.00%, due 8/15/23		11,843		11,310	^(e)
Real Estate 0.4%
Five Point Operating Co. LP/Five Point Capital Corp., 7.88%, due 11/15/25		12,422		12,733	^(e)
Retail 1.0%
Bed Bath & Beyond, Inc., 5.17%, due 8/1/44		6,800		4,904
PetSmart, Inc.
5.88 due 6/1/25%,		15,375		11,070	^(e)
8.88 due 6/1/25%,		27,184		15,699	^(e)
				31,673
Semiconductors 0.3%
MagnaChip Semiconductor SA, 6.63%, due 7/15/21		11,252		10,830
Total Corporate Bonds (Cost $146,643)				137,776

	Principal Amount (000's omitted)			Value (000's omitted)
Convertible Bonds 0.2%
Semiconductor 0.2%
MagnaChip Semiconductor Corp., 5.00%, due 3/1/21 (Cost $4,823)	$	4,020		$	5,357
	Number of Shares
Master Limited Partnerships 1.1%
Capital Markets 1.1%
Blackstone Group LP (Cost $41,308)		1,158,800			35,865
Warrants 0.1%
Diversified Financial Services 0.1%
FGL Holdings (Cost $4,189)		2,745,150			4,227	*
Total Options Purchased^(g) 0.2% (Cost $5,794)					5,825
Short-Term Investments 11.2%
Investment Companies 11.2%
State Street Institutional U.S. Government Money Market Fund Premier Class, 1.63%^(h) (Cost $378,287)		378,286,717			378,287	⁽ⁱ⁾
Total Long Positions (96.2%) (Cost $2,810,844)					3,246,987
Short Positions ((15.8)%)^(j)
Common Stocks Sold Short (12.0)%
Aerospace & Defense (0.3)%
Spirit AeroSystems Holdings, Inc. Class A		(125,000	)		(10,046	)
Auto Components (0.1)%
BorgWarner, Inc.		(88,000	)		(4,307	)

	Number of Shares			Value (000's omitted)
Automobiles (0.1)%
Harley- Davidson, Inc.		(76,756	)	$	(3,157	)
Beverages (0.2)%
National Beverage Corp.		(57,900	)		(5,116	)
Capital Markets (0.7)%
FactSet Research Systems, Inc.		(52,500	)		(9,928	)
Federated Investors, Inc. Class B		(577,900	)		(15,297	)
					(25,225	)
Chemicals (0.2)%
LyondellBasell Industries NV Class A		(55,000	)		(5,815	)
Diversified Telecommunication Services (0.2)%
AT&T, Inc.		(210,400	)		(6,880	)
Electric Utilities (0.6)%
PG&E Corp.		(191,200	)		(8,814	)
Southern Co.		(267,400	)		(12,333	)
					(21,147	)
Energy Equipment & Services (0.5)%
Core Laboratories NV		(134,400	)		(16,457	)
Equity Real Estate Investment Trusts (1.0)%
Lamar Advertising Co. Class A		(154,000	)		(9,811	)
Realty Income Corp.		(265,300	)		(13,400	)
STORE Capital Corp.		(407,600	)		(10,284	)
					(33,495	)
Food Products (0.8)%
General Mills, Inc.		(357,700	)		(15,646	)
Kellogg Co.		(134,200	)		(7,904	)
McCormick & Co., Inc.		(48,000	)		(5,060	)
					(28,610	)

See Notes to Financial Statements

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

	Number of Shares			Value (000's omitted)
Health Care Equipment & Supplies (0.7)%
Align Technology, Inc.		(48,000	)	$	(11,993	)*
Becton Dickinson and Co.		(44,100	)		(10,225	)
					(22,218	)
Hotels, Restaurants & Leisure (0.6)%
DineEquity, Inc.		(138,500	)		(10,989	)
Texas Roadhouse, Inc.		(155,000	)		(9,932	)
					(20,921	)
Internet Software & Services (0.2)%
Dropbox, Inc. Class A		(279,100	)		(8,404	)*
IT Services (0.7)%
CGI Group, Inc. Class A		(119,997	)		(6,948	)*
Western Union Co.		(826,323	)		(16,320	)
					(23,268	)
Machinery (0.2)%
PACCAR, Inc.		(100,000	)		(6,367	)
Media (0.4)%
Discovery, Inc. Class A		(422,600)			(9,994	)*
New Media Investment Group, Inc.		(303,000	)		(5,024	)
					(15,018	)
Multi-Utilities (0.9)%
CenterPoint Energy, Inc.		(254,700	)		(6,452	)
Consolidated Edison, Inc.		(235,000	)		(18,830	)
SCANA Corp.		(117,000	)		(4,302	)
					(29,584	)
Multiline Retail (0.3)%
Ollie's Bargain Outlet Holdings, Inc.		(160,000	)		(9,952	)*
Oil, Gas & Consumable Fuel (0.3)%
Kinder Morgan Canada Ltd.		(701,500	)		(9,053	)^(k)
Semiconductors & Semiconductor Equipment (0.2)%
NVIDIA Corp.		(35,800	)		(8,052	)

	Number of Shares			Value (000's omitted)
Software (0.4)%
Ellie Mae, Inc.		(127,000	)	$	(12,303	)*
Specialty Retail (1.4)%
Five Below, Inc.		(178,700	)		(12,618	)*
Gap, Inc.		(266,400	)		(7,790	)
Sally Beauty Holdings, Inc.		(537,200	)		(9,288	)*
Urban Outfitters, Inc.		(242,000	)		(9,745	)*
Williams- Sonoma, Inc.		(169,500	)		(8,102	)
					(47,543	)
Technology Hardware, Storage & Peripherals (0.4)%
Seagate Technology PLC		(218,000	)		(12,620	)
Textiles, Apparel & Luxury Goods (0.6)%
NIKE, Inc. Class B		(102,700	)		(7,024	)
Ralph Lauren Corp.		(111,000	)		(12,193	)
					(19,217	)
Total Common Stocks Sold Short (Proceeds $(393,514))					(404,775	)
	Principal Amount (000's omitted)
Corporate Bonds Sold Short (0.8)%
Advertising (0.1)%
Anna Merger Sub, Inc., 7.75%, due 10/1/22	$	(4,000	)		(2,410	)^(e)
Media (0.2)%
CBS Radio, Inc., 7.25%, due 11/1/24		(7,000	)		(7,175	)^(e)
Oil & Gas (0.2)%
Apache Corp., 4.25%, due 1/15/44		(4,000	)		(3,667	)
Ultra Resources, Inc., 6.88%, due 4/15/22		(6,000	)		(4,470	)^(e)
					(8,137	)

	Principal Amount (000's omitted)			Value (000's omitted)
Real Estate (0.1)%
WeWork Cos., Inc., 7.88%, due 5/1/25	$	(2,000	)	$	(1,943	)^(e)
Retail (0.2)%
Bed Bath & Beyond, Inc., 3.75%, due 8/1/24		(3,000	)		(2,569	)
Sally Holdings LLC/Sally Capital, Inc., 5.63%, due 12/1/25		(5,000	)		(4,937	)
					(7,506	)
Total Corporate Bonds Sold Short (Cost $(29,605))					(27,171	)
	Number of Shares
Exchange-Traded Funds Sold Short (2.8)%
Consumer Discretionary Select Sector SPDR Fund		(373,000	)		(38,680	)
iShares Core S&P Small-Cap ETF		(154,000	)		(11,984	)
Technology Select Sector SPDR Fund		(390,000	)		(25,529	)
Vanguard REIT ETF		(231,600	)		(17,623	)
Total Exchange-Traded Funds Sold Short (Cost $(75,334))					(93,816	)
Master Limited Partnerships Sold Short (0.2)%
Oil, Gas & Consumable Fuels (0.2)%
Tallgrass Energy Partners LP (Cost $(6,602))		(145,000	)		(5,976	)
Total Short Positions (Proceeds $(505,055))					(531,738	)
Total Investments 80.4% (Cost $2,305,789)					2,715,249
Other Assets Less Liabilities 19.6%					662,180	^(l)
Net Assets 100.0%				$	3,377,429

See Notes to Financial Statements

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

* Non-income producing security.

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

(b) Affiliated company as defined under the Investment Company Act of 1940, as amended (see Note F of Notes to Financial Statements).

(c) Security fair valued as of April 30, 2018 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at April 30, 2018 amounted to approximately $15,003,000, which represents 0.4% of net assets of the Fund.

(d) Value determined using significant unobservable inputs.

(e) Securities were purchased or sold short under Rule 144A of the Securities Act of 1933, as amended, or are otherwise restricted and, unless registered under the Securities Act of 1933 or exempted from registration, may only be sold to qualified institutional investors or may have other restrictions on resale. At April 30, 2018, these securities amounted to approximately $106,768,000 of long positions and $(15,998,000) of short positions, which represents 3.2% and (0.5)%, respectively, of net assets of the Fund. Securities denoted with a (e) but without a (m) have been deemed by the investment manager to be liquid.

(f) Represents less than 0.05% of net assets.

(g) See "Purchased option contracts" under Derivative Instruments.

(h) All or a portion of this security is segregated in connection with obligations for securities sold short, options written, swaps and/or futures with a total value of approximately $378,287,000.

(i) Represents 7-day effective yield as of April 30, 2018.

(j) At April 30, 2018 the Fund had approximately $619,363,000 deposited, in one or more accounts to satisfy collateral requirements for borrowing in connection with securities sold short.

(k) Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. Total value of all such securities at April 30, 2018 amounted to approximately $(9,053,000), which represents (0.3)% of net assets of the Fund.

(l) Includes the impact of the Fund's open positions in derivatives at April 30, 2018.

(m) These securities have been deemed by the investment manager to be illiquid, and are subject to restrictions on resale.

At April 30, 2018, these securities amounted to approximately $15,003,000, which represents 0.4% of net assets of the Fund.

Restricted Security (000's omitted)	Acquisition Date	Acquisition Cost		Acquisition Cost Percentage of Net Assets			Value as of 4/30/2018		Fair Value Percentage of Net Assets as of 4/30/2018
Moderna Therapeutics (Ser. F Preferred Shares)	8/10/2016	$	11,550		0.5	%	$	13,234		0.4	%
Moderna Therapeutics (Ser. G Preferred Shares)	1/30/2018		1,769		0.1	%		1,769		0.0	%
Total		$	13,319		0.6	%	$	15,003		0.4	%

See Notes to Financial Statements

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

Derivative Instruments

Futures contracts ("futures")

At April 30, 2018, open positions in futures for the Fund were as follows:

Short Futures

Expiration Date	Number of Contracts		Open Contracts	Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
6/2018		598	NASDAQ 100 E-Mini Index	$	(79,091,480	)	$	5,620,594
6/2018		408	Russell 2000 Mini Index		(31,493,520	)		1,165,657
6/2018		2,053	S&P 500 E-Mini Index		(271,714,550	)		12,867,660
6/2018		50	U.S. Treasury Long Bond		(7,192,188	)		14,453
Total Futures				$	(389,491,738	)	$	19,668,364

At April 30, 2018, the Fund had $590,937 deposited in a segregated account to cover margin requirements on open futures.

For the six months ended April 30, 2018, the average notional value of futures for the Fund was $(439,624,617) for short positions.

Total return swap contracts ("total return swaps")

At April 30, 2018, the Fund had outstanding over-the-counter total return swaps as follows:

Short Total Return Swaps

Counterparty	Reference Entity	Notional Amount			Maturity Date	Variable-Rate^(k)			Unrealized Appreciation/ (Depreciation)		Accrued Net Interest Receivable/ (Payable)			Value
Citibank N.A.	Consumer Staples S&P U.S. Select Sector Index	$	(12,436,068	)	5/13/2019		1.77	^%(a)	$	663,821	$	24,939		$	688,760
Goldman Sachs International	Prospect Capital Corp.		(1,607,729	)	4/1/2019		(0.20	)%(b)		78,611		(242	)		78,369
Citibank N.A.	Prospect Capital Corp.		(1,902	)	2/28/2019		(9.10	)%(c)		162		(7	)		155
Citibank N.A.	Prospect Capital Corp.		(140,704	)	2/28/2019		(9.10	)%(c)		11,985		(549	)		11,436
Citibank N.A.	Prospect Capital Corp.		(1,043,723	)	2/28/2019		(9.10	)%(c)		89,177		(4,070	)		85,107
Citibank N.A.	Prospect Capital Corp.		(191,988	)	2/28/2019		(9.10	)%(c)		16,352		(755	)		15,597
Citibank N.A.	Prospect Capital Corp.		(1,794,854	)	2/28/2019		(0.10	)%(d)		96,849		(71	)		96,778

See Notes to Financial Statements

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

Counterparty	Reference Entity	Notional Amount			Maturity Date	Variable-Rate^(k)			Unrealized Appreciation/ (Depreciation)			Accrued Net Interest Receivable/ (Payable)			Value
Citibank N.A.	Prospect Capital Corp.	$	(1,794,664	)	2/28/2019		(0.10	)%(d)	$	93,215		$	(299	)	$	92,916
Citibank N.A.	Prospect Capital Corp.		(802,891	)	2/28/2019		(0.10	)%(d)		37,840			(233	)		37,607
Citibank N.A.	Prospect Capital Corp.		(25,240	)	2/28/2019		(1.10	)%(e)		2,168			(13	)		2,155
Goldman Sachs International	Russell Mid-Cap Index		(38,169,443	)	1/31/2019		1.35	%(f)		(2,604,145	)		19,389			(2,584,756	)
Citibank N.A.	S&P 500 Growth Index		(108,899,743	)	5/13/2019		1.77	%(a)		1,164,809			90,893			1,255,702	^(l)
Citibank N.A.	S&P 500 Growth Index		(32,750,630	)	5/13/2019		2.00	%(a)		350,306			13,774			364,080
Citibank N.A.	S&P 500 Growth Index		(11,501,709	)	5/13/2019		2.00	%(a)		123,024			4,837			127,861
Citibank N.A.	SPDR S&P Retail ETF		(18,297,900	)	7/25/2019		0.50	%(g)		(149,850	)		5,256			(144,594	)
Citibank N.A.	Tallgrass Energy Partners LP		(4,945,200	)	8/8/2019		(2.00	)%(h)		(172,608	)		(3,985	)		(176,593	)
Citibank N.A.	Tallgrass Energy Partners LP		(2,765,850	)	8/8/2019		(2.00	)%(h)		(314,425	)		(2,047	)		(316,472	)
Citibank N.A.	Tallgrass Energy Partners LP		(1,153,880	)	8/8/2019		(4.10	)%(i)		283			(1,839	)		(1,556	)
Citibank N.A.	Utilities Select Sector SPDR Fund		(22,686,400	)	9/21/2018		1.90	%(j)		1,108,800			6,539			1,115,339
Total									$	596,374		$	151,517		$	747,891

(a) Fund receives 3-month USD LIBOR minus 0.35%. Payment frequency—quarterly. Fund pays return on reference entity. Payment frequency—quarterly.

(b) Fund receives 1-month USD LIBOR minus 2.10%. Payment frequency—monthly. Fund pays return on reference entity. Payment frequency—upon termination.

(c) Fund receives 1-month USD LIBOR minus 11.00%. Payment frequency—monthly. Fund pays return on reference entity. Payment frequency—upon termination.

(d) Fund receives 1-month USD LIBOR minus 2.00%. Payment frequency—monthly. Fund pays return on reference entity. Payment frequency—upon termination.

(e) Fund receives 1-month USD LIBOR minus 3.00%. Payment frequency—monthly. Fund pays return on reference entity. Payment frequency—upon termination.

(f) Fund receives 1-month USD LIBOR minus 0.55%. Payment frequency—monthly. Fund pays return on reference entity. Payment frequency—upon termination.

(g) Fund receives 1-month USD LIBOR minus 1.40%. Payment frequency—monthly. Fund pays return on reference entity. Payment frequency—monthly.

See Notes to Financial Statements

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

(h) Fund receives 1-month USD LIBOR minus 3.90%. Payment frequency—monthly. Fund pays return on reference entity. Payment frequency—upon termination.

(i) Fund receives 1-month USD LIBOR minus 6.00%. Payment frequency—monthly. Fund pays return on reference entity. Payment frequency—upon termination.

(j) Fund receives 1-month USD LIBOR. Payment frequency—monthly. Fund pays return on reference entity. Payment frequency—upon termination.

LIBOR = London Interbank Offered Rate

(k) Effective rate at April 30, 2018.

(l) The following table represents required component disclosures associated with the S&P 500 Growth Index as of April 30, 2018:

Description	Index Shares		Component Weighting			Fund Value
Apple Inc.		5,074		7.0	%	$	88,404
Microsoft Corporation		7,700		6.0	%		75,917
Amazon.com, Inc.		402		5.3	%		66,344
Facebook, Inc. Class A		2,396		3.5	%		43,446
Alphabet Inc. Class C		304		2.6	%		32,644
Alphabet Inc. Class A		298		2.6	%		32,054
UnitedHealth Group Incorporated		968		1.9	%		24,117
Visa Inc. Class A		1,803		1.9	%		24,113
Home Depot, Inc.		1,168		1.8	%		22,751
Boeing Company		553		1.5	%		19,453
Johnson & Johnson		1,449		1.5	%		19,320
Mastercard Incorporated Class A		923		1.4	%		17,350
AbbVie, Inc.		1,594		1.3	%		16,226
Intel Corporation		2,668		1.2	%		14,517
Bank of America Corp		4,592		1.2	%		14,486
NVIDIA Corporation		605		1.1	%		14,345
Netflix, Inc.		434		1.1	%		14,295
McDonald's Corporation		797		1.1	%		14,073
3M Company		596		1.0	%		12,204
Adobe Systems Incorporated		492		0.9	%		11,485
Booking Holdings Inc.		49		0.9	%		11,199
Abbott Laboratories		1,741		0.8	%		10,667
Pfizer Inc.		2,738		0.8	%		10,569
Texas Instruments Incorporated		984		0.8	%		10,520
Cisco Systems, Inc.		2,216		0.8	%		10,348
Broadcom Inc.		410		0.8	%		9,929
PayPal Holdings Inc.		1,128		0.7	%		8,874
salesforce.com, inc.		686		0.7	%		8,753
Coca-Cola Company		1,728		0.6	%		7,871
Comcast Corporation Class A		2,318		0.6	%		7,670
Walt Disney Company		707		0.6	%		7,475
Oracle Corporation		1,541		0.6	%		7,421
PepsiCo, Inc.		697		0.6	%		7,416
Amgen Inc.		394		0.6	%		7,255

See Notes to Financial Statements

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

Description	Index Shares		Component Weighting			Fund Value
Procter & Gamble Company		933		0.6	%	$	7,114
Charles Schwab Corporation		1,198		0.6	%		7,035
Celgene Corporation		752		0.6	%		6,907
Honeywell International Inc.		444		0.5	%		6,767
Philip Morris International Inc.		777		0.5	%		6,713
Becton, Dickinson and Company		266		0.5	%		6,508
Gilead Sciences, Inc.		851		0.5	%		6,484
Thermo Fisher Scientific Inc.		289		0.5	%		6,415
American Tower Corporation		441		0.5	%		6,338
Altria Group Inc.		1,064		0.5	%		6,296
NIKE, Inc. Class B		870		0.5	%		6,270
Accenture Plc Class A		389		0.5	%		6,193
Merck & Co., Inc.		998		0.5	%		6,192
Union Pacific Corporation		409		0.5	%		5,767
Stryker Corporation		322		0.5	%		5,755
Bristol-Myers Squibb Company		1,029		0.5	%		5,653

At April 30, 2018, the Fund had cash collateral of $3,210,000 and $2,760,000 deposited in segregated accounts for Citibank N.A. and Goldman Sachs International, respectively, to cover collateral requirements on over-the-counter derivatives.

For the six months ended April 30, 2018, the average notional value of total return basket swaps and total return swaps for the Fund was $(255,874,452) for short positions.

Purchased option contracts ("options purchased")

At April 30, 2018, the Fund had outstanding options purchased as follows:

Description	Number of Contracts		Notional Amount		Exercise Price		Expiration Date	Value
Calls
Capital Markets
Goldman Sachs Group, Inc.		275	$	6,554,075	$	280	6/15/2018	$	4,125
Food Products
Hain Celestial Group, Inc.		5,275		15,366,075		37	8/17/2018		131,875
Hain Celestial Group, Inc.		1,200		3,495,600		36	11/16/2018		81,000
									212,875
Independent Power and Renewable Electricity Producers
NRG Yield, Inc.		920	$	1,637,600	$	20	5/18/2018		4,600
Index
S&P 500 Index		1,290		341,598,450		3,000	12/21/2018		1,238,400
Oil, Gas & Consumable Fuels
Enbridge, Inc.		2,740		8,293,980		35	10/19/2018		102,750
Professional Services
Equifax, Inc.		1,064		11,922,120		130	1/18/2019		271,320
Road & Rail
Norfolk Southern Corp.		627		8,995,569		155	6/15/2018		54,862

See Notes to Financial Statements

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

Description	Number of Contracts		Notional Amount		Exercise Price		Expiration Date	Value
Specialty Retail
Bed Bath & Beyond, Inc.		5,000		8,730,000		19	5/4/2018	$	20,000
Home Depot, Inc.		304		5,617,920		190	5/18/2018		51,984
Tractor Supply Co.		1,238		8,418,400		65	7/20/2018		643,760
									715,744
Textiles, Apparel & Luxury Goods
lululemon Athletica, Inc.		450		4,491,000		82.5	6/15/2018		828,000
PVH Corp.		600		9,580,200		155	6/15/2018		564,000
									1,392,000
Total calls (cost: $5,256,481)								$	3,996,676
Puts
Oil, Gas & Consumable Fuels
Enbridge, Inc.		6,650	$	20,129,550	$	32.5	5/18/2018	$	1,828,750
Total puts (cost: $537,148)								$	1,828,750
Total options purchased (cost: $5,793,629)								$	5,825,426

Written option contracts ("options written")

At April 30, 2018, the Fund had outstanding options written as follows:

Description	Number of Contracts		Notional Amount			Exercise Price		Expiration Date	Value
Calls
Chemicals
Ashland Global Holdings, Inc.		1,253	$	(8,292,354	)	$	85	10/19/2018	$	(53,252	)
Internet & Direct Marketing Retail
Expedia Group, Inc.		1,021		(11,755,794	)		120	5/18/2018		(94,443	)
IT Services
PayPal Holdings, Inc.		1,315		(9,811,215	)		95	10/19/2018		(95,995	)
Machinery
Allison Transmission Holdings, Inc.		920		(3,587,080	)		42	5/18/2018		(44,585	)^(a)(b)
Oil, Gas & Consumable Fuels
Cheniere Energy, Inc.		1,553		(9,032,248	)		65	9/21/2018		(277,210	)
Specialty Retail
Party City Holdco, Inc.		3,630	$	(5,717,250	)	$	17.5	7/20/2018		(226,875	)
Total calls (premium received: $1,340,988)									$	(792,360	)
Puts
Capital Markets
BlackRock, Inc.		128	$	(6,675,200	)	$	500	5/18/2018	$	(34,880	)
Blackstone Group LP		2,500		(7,737,500	)		29	6/15/2018		(75,000	)
Goldman Sachs Group, Inc.		275		(6,554,075	)		250	6/15/2018		(397,375	)
KKR & Co. LP		4,600		(9,632,400	)		21	6/15/2018		(425,500	)
										(932,755	)
Energy Equipment & Services
Schlumberger Ltd.		1,550		(10,626,800	)		67.5	6/15/2018		(277,450	)

See Notes to Financial Statements

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

Description	Number of Contracts		Notional Amount			Exercise Price		Expiration Date	Value
Food Products
Hain Celestial Group, Inc.		1,135		(3,306,255	)		30	8/17/2018	$	(283,750	)
Hain Celestial Group, Inc.		4,140		(12,059,820	)		31	8/17/2018		(1,262,700	)
Hain Celestial Group, Inc.		1,200		(3,495,600	)		28	11/16/2018		(264,000	)
										(1,810,450	)
Index
NASDAQ 100 Stock Index		25		(16,513,925	)		5,700	7/20/2018		(112,250	)
S&P 500 Index		321		(85,002,405	)		2,200	12/21/2018		(1,044,855	)
										(1,157,105	)
Internet & Direct Marketing Retail
Expedia Group, Inc.		1,021		(11,755,794	)		100	5/18/2018		(17,867	)
Expedia Group, Inc.		1,000		(11,514,000	)		100	7/20/2018		(92,500	)
Netflix, Inc.		310		(9,686,260	)		220	6/15/2018		(11,160	)
										(121,527	)
Internet Software & Services
Facebook, Inc.		626		(10,767,200	)		155	7/20/2018		(142,415	)
IT Services
PayPal Holdings, Inc.		1,315		(9,811,215	)		70	10/19/2018		(440,525	)
Visa, Inc.		930		(11,799,840	)		115	6/15/2018		(51,615	)
										(492,140	)
Machinery
Allison Transmission Holdings, Inc.		920		(3,587,080	)		37	5/18/2018		(39,985	)^(a)(b)
Multiline Retail
Ollie's Bargain Outlet Holdings, Inc.		1,600		(9,952,000	)		50	7/20/2018		(92,000	)
Oil, Gas & Consumable Fuels
Cheniere Energy, Inc.		650		(3,780,400	)		45	1/18/2019		(81,900	)
Enbridge, Inc.		2,740		(8,293,980	)		27.5	10/19/2018		(321,950	)
										(403,850	)
Professional Services
Equifax, Inc.		1,200		(13,446,000	)		105	1/18/2019		(624,000	)
Road & Rail
CSX Corp.		1,550	$	(9,205,450	)	$	55	5/18/2018		(30,225	)
Norfolk Southern Corp.		627		(8,995,569	)		120	6/15/2018		(26,648	)
										(56,873	)
Software
Activision Blizzard, Inc.		1,116		(7,404,660	)		60	5/18/2018		(54,126	)
Specialty Retail
Home Depot, Inc.		500		(9,240,000	)		165	5/18/2018		(8,750	)
Party City Holdco, Inc.		3,630		(5,717,250	)		14	7/20/2018		(157,768	)^(a)(b)
Tractor Supply Co.		1,238		(8,418,400	)		55	7/20/2018		(55,710	)
										(222,228	)

See Notes to Financial Statements

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

Textiles, Apparel & Luxury Goods
lululemon Athletica, Inc.	1,929	(19,251,420	)	70	6/15/2018	$	(55,941	)
PVH Corp.	600	(9,580,200	)	135	6/15/2018		(39,000	)
							(94,941	)
Total puts (premium received: $10,144,106)						$	(6,521,845	)
Total options written (premium received: $11,485,094)						$	(7,314,205	)

(a) Security fair valued as of April 30, 2018 in accordance with procedures approved by the Board of Trustees.

Over-the-counter option. Counterparty is Goldman Sachs International.

For the six months ended April 30, 2018, the Fund had an average market value of $9,813,670 in options purchased and $(7,997,717) in options written. At April 30, 2018, the Fund had securities pledged in the amount of $97,159,898 to cover collateral requirements for options written.

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of April 30, 2018:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3^(c)		Total
Investments:
Common Stocks^(a)	$	2,664,647	$	—	$	—	$	2,664,647
Preferred Stocks^(a)		—		—		15,003		15,003
Corporate Bonds^(a)		—		137,776		—		137,776
Convertible Bonds^(a)		—		5,357		—		5,357
Master Limited Partnerships^(a)		35,865		—		—		35,865
Warrants^(a)		4,227		—		—		4,227
Options Purchased^(b)		5,825		—		—		5,825
Short-Term Investments		—		378,287		—		378,287
Total Long Positions	$	2,710,564	$	521,420	$	15,003	$	3,246,987

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

(b) The "Purchased option contracts" table under Derivative Instruments provides information on the industry or sector categorization for the portfolio.

See Notes to Financial Statements

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

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

	Beginning balance, as of 11/1/2017		Accrued discounts/ (premiums)		Realized gain/(loss)		Change in unrealized appreciation/ (depreciation)		Purchases		Sales		Transfers into Level 3		Transfers out of Level 3		Balance, as of 4/30/2018		Net change in unrealized appreciation/ (depreciation) from investments still held as of 4/30/2018
Investments in Securities:
(000's omitted)
Preferred Stocks
Health Care	$	11,550	$	—	$	—	$	1,684	$	1,769	$	—	$	—	$	—	$	15,003	$	1,684
Total	$	11,550	$	—	$	—	$	1,684	$	1,769	$	—	$	—	$	—	$	15,003	$	1,684

The following table presents additional information about valuation approach and inputs used for investments that are measured at fair value and categorized within Level 3 as of April 30, 2018:

Asset class

Fair value
at 4/30/2018

Valuation approach

Unobservable
input

Amount or
range
per unit

Input value
per unit

Impact to
valuation
from
decrease
in input^(d)

Preferred Stock

13,234

Market Transaction Method

Transaction Price

10.06

Decrease

Preferred Stock

1,769

Market Transaction Method

Transaction Price

10.06

Decrease

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

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of April 30, 2018:

Liabilities Valuation Inputs
(000's omitted)	Level 1			Level 2			Level 3		Total
Investments:
Common Stocks Sold Short^(a)	$	(404,775	)	$	—		$	—	$	(404,775	)
Corporate Bonds Sold Short^(a)		—			(27,171	)		—		(27,171	)
Exchange-Traded Funds Sold Short		(93,816	)		—			—		(93,816	)
Master Limited Partnerships Sold Short^(a)		(5,976	)		—			—		(5,976	)
Total Short Positions	$	(504,567	)	$	(27,171	)	$	—	$	(531,738	)

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

As of the six months ended April 30, 2018, no securities were transferred from one level (as of October 31, 2017) to another.

See Notes to Financial Statements

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

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's derivatives as of April 30, 2018:

Other Financial Instruments
(000's omitted)	Level 1			Level 2			Level 3		Total
Futures^(a)
Assets	$	19,668		$	—		$	—	$	19,668
Swaps
Assets		—			3,972			—		3,972
Liabilities		—			(3,224	)		—		(3,224	)
Options Written
Liabilities		(7,072	)		(242	)		—		(7,314	)
Total	$	12,596		$	506		$	—	$	13,102

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

See Notes to Financial Statements

Schedule of Investments Long Short Credit Fund (Unaudited)
April 30, 2018

NUMBER OF SHARES			VALUE
			(000's omitted)
Common Stocks 1.1%
Hotels, Restaurants & Leisure 0.3%
	5,000	Caesars Entertainment Corp.	$	57	*
Media 0.5%
	6,500	Liberty Latin America Ltd.		117	*
Metals & Mining 0.3%
	25,000	B2Gold Corp.		72	*
		Total Common Stocks (Cost $288)		246
PRINCIPAL AMOUNT⁽ⁿ⁾
(000's omitted)
Loan Assignments^(a) 9.3%
Electronics—Electrical 5.2%
		Digicert Holdings
$	800	First Lien Term Loan B2, (1 month USD LIBOR + 4.75%), 6.65%, due 10/31/24		802
	400	Second Lien Term Loan, (1 month LIBOR + 8.00%), 9.90%, due 10/31/25		399
				1,201
Health Care 1.0%
	233	Grifols SA, Term Loan, (1 month USD LIBOR + 2.25%), 4.00%, due 1/31/25		234
Metals & Mining 2.2%
	499	Consol Mining, First Lien Term Loan B, (1 month USD LIBOR + 6.00%), 8.00%, due 10/26/22		511
Steel 0.9%
	199	Big River Steel, Term Loan B, (3 month USD LIBOR + 5.00%), 7.30%, due 8/23/23		202	^(b)
		Total Loan Assignments (Cost $2,115)		2,148
Convertible Bonds 1.1%
Energy—Alternate Sources 1.1%
	250	SolarCity Corp., 2.75%, due 11/1/18 (Cost $249)		246
Corporate Bonds 108.7%
Banks 14.9%
	500	Barclays Bank PLC, 7.63%, due 11/21/22		547	^(c)
	550	HSBC Holdings PLC, (5 year USD ICE Swap + 5.51%), 6.88%, due 6/1/21		583	^(a)(d)(k)
	800	JPMorgan Chase & Co., Ser. 1, (3 month USD LIBOR + 3.47%), 5.83%, due 7/30/18		806	^(a)(k)
	500	Royal Bank of Scotland Group PLC, (5 year USD Swap + 7.60%), 8.63%, due 8/15/21		547	^(a)(k)
	900	Societe Generale SA, (5 year USD Swap + 6.24%), 7.38%, due 9/13/21		954	^(a)(d)(e)(k)
				3,437

See Notes to Financial Statements

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

PRINCIPAL AMOUNT⁽ⁿ⁾			VALUE
(000's omitted)			(000's omitted)
Chemicals 1.8%
$	400	Braskem Finance Ltd., 5.75%, due 4/15/21	$	414	^(e)
Commercial Services 2.0%
	424	Prime Security Services Borrower LLC/Prime Finance, Inc., 9.25%, due 5/15/23		455	^(d)(e)
Diversified Financial Services 6.7%
	300	Jefferies Finance LLC/JFIN Co-Issuer Corp., 7.38%, due 4/1/20		303	^(e)
	500	OneMain Financial Holdings LLC, 7.25%, due 12/15/21		517	^(c)(e)
	750	SLM Corp., 5.50%, due 1/25/23		739	^(c)
				1,559
Electric 0.4%
	100	Pampa Energia SA, 7.38%, due 7/21/23		105	^(e)
Food 8.0%
		JBS USA LUX SA/JBS USA Finance, Inc.
	500	7.25%, due 6/1/21		503	^(d)(e)
	500	7.25%, due 6/1/21		504	^(d)(e)
	350	6.75%, due 2/15/28		336	^(d)(e)
	500	SUPERVALU, Inc., 6.75%, due 6/1/21		500	^(c)
				1,843
Healthcare—Services 7.4%
	750	CHS/Community Health Systems, Inc., 5.13%, due 8/1/21		690
	800	HCA, Inc., 5.88%, due 3/15/22		843	^(c)(d)
	200	Rede D'or Finance SARL, 4.95%, due 1/17/28		185	^(e)
				1,718
Iron/Steel 6.4%
		Allegheny Technologies, Inc.
	70	5.95%, due 1/15/21		71
	300	7.88%, due 8/15/23		325	^(d)
	500	BlueScope Steel Finance Ltd./BlueScope Steel Finance USA LLC, 6.50%, due 5/15/21		516	^(c)(e)
	550	Steel Dynamics, Inc., 5.13%, due 10/1/21		561	^(c)
				1,473
Media 15.9%
	250	Altice Financing SA, 7.50%, due 5/15/26		246	^(d)(e)
	700	Altice Luxembourg SA, 7.75%, due 5/15/22		668	^(c)(e)
	500	CCO Holdings LLC/CCO Holdings Capital Corp., 5.13%, due 5/1/23		501	^(c)(e)
	600	Cequel Communications Holdings I LLC/Cequel Capital Corp., 5.13%, due 12/15/21		594	^(d)(e)
	419	CSC Holdings LLC, 10.88%, due 10/15/25		491	^(d)(e)
	700	DISH DBS Corp., 5.00%, due 3/15/23		604	^(c)
	350	Sinclair Television Group, Inc., 5.13%, due 2/15/27		325	^(e)
	250	Univision Communications, Inc., 5.13%, due 2/15/25		231	^(e)
				3,660

See Notes to Financial Statements

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

PRINCIPAL AMOUNT⁽ⁿ⁾			VALUE
(000's omitted)			(000's omitted)
Mining 10.2%
$	200	Ferroglobe PLC/Globe Specialty Metals, Inc., 9.38%, due 3/1/22	$	210	^(e)
		First Quantum Minerals Ltd.
	800	7.00%, due 2/15/21		804	^(c)(e)
	200	6.50%, due 3/1/24		190	^(e)
	200	6.88%, due 3/1/26		190	^(e)
		Hudbay Minerals, Inc.
	290	7.25%, due 1/15/23		302	^(d)(e)
	310	7.63%, due 1/15/25		328	^(d)(e)
	35	Lundin Mining Corp., 7.88%, due 11/1/22		37	^(e)
	312	Teck Resources Ltd., 5.20%, due 3/1/42		293
				2,354
Oil & Gas 10.9%
	400	PBF Holding Co. LLC/PBF Finance Corp., 7.25%, due 6/15/25		415	^(c)
	450	Petrobras Global Finance BV, 6.13%, due 1/17/22		475
	250	Seadrill Ltd., 6.13%, due 9/15/17		37	^(e)(l)
	400	Tullow Oil PLC, 7.00%, due 3/1/25		406	^(e)
	1,100	YPF SA, 8.50%, due 3/23/21		1,194	^(d)(e)
				2,527
Packaging & Containers 0.9%
	200	ARD Securities Finance SARL, 8.75% Cash/8.75% PIK, due 1/31/23		211	^(e)(f)
Pharmaceuticals 3.1%
	800	Teva Pharmaceutical Finance Netherlands III BV, 2.20%, due 7/21/21		722	^(c)
Pipelines 1.8%
	100	DCP Midstream Operating LP, 5.60%, due 4/1/44		98
	300	Williams Cos., Inc., 5.75%, due 6/24/44		313
				411
Semiconductors 0.9%
	200	NXP BV/NXP Funding LLC, 4.63%, due 6/1/23		201	^(e)
Software 6.5%
	700	Infor Software Parent LLC/Infor Software Parent, Inc., 7.13% Cash/7.88% PIK,, due 5/1/21		705	^(c)(e)(f)
	246	Project Homestake Merger Corp., 8.88%, due 3/1/23		227	^(e)
	550	Rackspace Hosting, Inc., 8.63%, due 11/15/24		557	^(d)(e)
				1,489
Storage/Warehousing 1.1%
EUR	200	Algeco Global Finance PLC, 6.50%, due 2/15/23		248	^(e)

See Notes to Financial Statements

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

PRINCIPAL AMOUNT⁽ⁿ⁾			VALUE
(000's omitted)			(000's omitted)
Telecommunications 9.8%
$	500	C&W Senior Financing Designated Activity Co., 6.88%, due 9/15/27	$	495	^(d)(e)
	300	CenturyLink, Inc., Ser. W, 6.75%, due 12/1/23		298	^(d)
	50	Frontier Communications Corp., 8.50%, due 4/1/26		49	^(e)
	300	Intelsat Jackson Holdings SA, 5.50%, due 8/1/23		252	^(d)
	771	Qwest Corp., 6.75%, due 12/1/21		829	^(c)(d)
	300	Telesat Canada/Telesat LLC, 8.88%, due 11/15/24		327	^(e)
				2,250
		Total Corporate Bonds (Cost $25,731)		25,077
Foreign Government Securities 0.6%
	220	Argentine Republic Government International Bond, 2.50%, due 12/31/38 (Cost $161)		144	^(m)
NUMBER OF SHARES
Total Swaptions Purchased^(g) 0.0%^(h) (Cost $16)		4
Short-Term Investments 1.5%
Investment Companies 1.5%
	348,605	State Street Institutional U.S. Government Money Market Fund Premier Class, 1.63%⁽ⁱ⁾ (Cost $349)		349	^(d)
		Total Investments 122.3% (Cost $28,909)		28,214
		Liabilities Less Other Assets (22.3)%		(5,139	)^(j)
		Net Assets 100.0%	$	23,075

* Non-income producing security.

(a) Variable or floating rate security. The interest rate shown was the current rate as of April 30, 2018 and changes periodically.

Benchmarks for Variable / Floating Rates:

LIBOR - London Interbank Offered Rate

ICE - Intercontinental Exchange

(b) Value determined using significant unobservable inputs.

(d) All or a portion of this security is segregated in connection with forward foreign currency contracts, futures, reverse repurchase agreements and/or swaps with a total value of approximately $9,375,000.

(e) Securities were purchased under Rule 144A of the Securities Act of 1933, as amended, or are otherwise restricted and, unless registered under the Securities Act of 1933 or exempted from registration, may only be sold to qualified institutional investors or may have other restrictions on resale. At April 30, 2018, these securities amounted to approximately $14,568,000, which represents 63.1% of net assets of the Fund. These securities have been deemed by the investment manager to be liquid.

(f) Payment-in-kind (PIK) security.

(g) See "Purchased swaption contracts" under Derivative Instruments.

See Notes to Financial Statements

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

(h) Represents less than 0.05% of net assets.

(i) Represents 7-day effective yield as of April 30, 2018.

(j) Includes the impact of the Fund's open positions in derivatives at April 30, 2018.

(k) Perpetual Bond Security. The rate reflected was the rate in effect on April 30, 2018. The maturity date reflects the next call date.

(l) Defaulted security.

(m) Step Bond. Coupon rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown was the current rate as of April 30, 2018.

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

EUR = Euro

Reverse Repurchase Agreements

At April 30, 2018, open positions in reverse repurchase agreements for the Fund were as follows:

Counterparty	Trade Date	Maturity Date^(a)	Interest Rate Paid (Received)			Principal Amount		Value including Accrued Interest		Type of Underlying Collateral	Value of Securities Pledged as Collateral		Remaining Contractual Maturity of the Agreements^(a)
Citigroup Global Markets, Inc.^(b)	1/24/2018	Open/Demand		2.40	%	$	433,000	$	435,800	Corporate Bonds	$	537,571	Overnight and Continuous
Citigroup Global Markets, Inc.^(b)	1/24/2018	Open/Demand		2.40	%		539,000		542,485	Corporate Bonds		603,750	Overnight and Continuous
Citigroup Global Markets, Inc.^(b)	2/7/2018	Open/Demand		2.625	%		427,969		430,528	Corporate Bonds		546,875	Overnight and Continuous
Citigroup Global Markets, Inc.^(b)	2/7/2018	Open/Demand		2.625	%		558,750		562,091	Corporate Bonds		721,710	Overnight and Continuous
Citigroup Global Markets, Inc.^(b)	2/20/2018	Open/Demand		2.75	%		395,156		397,239	Corporate Bonds		516,250	Overnight and Continuous
Nomura Securities International Inc.	2/13/2018	Open/Demand		2.00	%		501,038		503,153	Corporate Bonds		526,875	Overnight and Continuous
Nomura Securities International Inc.	2/13/2018	Open/Demand		2.00	%		700,031		702,987	Corporate Bonds		738,525	Overnight and Continuous
Nomura Securities International Inc.	2/13/2018	Open/Demand		2.00	%		381,800		383,412	Corporate Bonds		415,000	Overnight and Continuous
Nomura Securities International Inc.	2/13/2018	Open/Demand		2.00	%		541,441		543,727	Corporate Bonds		560,313	Overnight and Continuous
Nomura Securities International Inc.	2/13/2018	Open/Demand		2.00	%		475,594		477,602	Corporate Bonds		500,000	Overnight and Continuous

See Notes to Financial Statements

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

Counterparty	Trade Date	Maturity Date^(a)	Interest Rate Paid (Received)			Principal Amount		Value including Accrued Interest		Type of Underlying Collateral	Value of Securities Pledged as Collateral		Remaining Contractual Maturity of the Agreements^(a)
Nomura Securities International Inc.	2/21/2018	Open/Demand		2.25	%	$	655,200	$	657,985	Corporate Bonds	$	705,250	Overnight and Continuous
Nomura Securities International Inc.	3/28/2018	Open/Demand		2.25	%		592,200		593,405	Corporate Bonds		668,500	Overnight and Continuous
Nomura Securities International Inc.	3/28/2018	Open/Demand		2.25	%		460,125		461,074	Corporate Bonds		501,600	Overnight and Continuous
Nomura Securities International Inc.	3/28/2018	Open/Demand		2.25	%		771,400		772,991	Corporate Bonds		804,500	Overnight and Continuous

(a) Open reverse repurchase agreement with no specific maturity date. Either party may terminate the agreement upon demand.

For the six months ended April 30, 2018, the average interest rate paid and the average principal amount were 2.55% and $6,132,125, respectively.

(b) At April 30, 2018, the Fund also had cash collateral of $76,000 deposited in a segregated account for Citigroup Global Markets, Inc. to cover collateral requirements on reverse repurchase agreements.

Derivative Instruments

Futures contracts ("futures")

At April 30, 2018, open positions in futures for the Fund were as follows:

Long Futures:

Expiration Date	Number of Contracts		Open Contracts	Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
6/2018		20	Euro, 90 Day	$	4,881,500	$	(4,500	)
Total Long Positions				$	4,881,500	$	(4,500	)

Short Futures:

Expiration Date	Number of Contracts		Open Contracts	Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
6/2018		10	Euro-Bund	$	(1,916,944	)	$	(22,340	)
6/2018		2	U.S. Treasury Long Bond		(287,688	)		(1,282	)
6/2018		10	U.S. Treasury Note, 10 Year		(1,196,250	)		6,173
6/2019		20	Euro, 90 day		(4,857,500	)		6,125
Total Short Positions				$	(8,258,382	)	$	(11,324	)
Total Futures							$	(15,824	)

See Notes to Financial Statements

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

At April 30, 2018, the Fund had $116,974 deposited in a segregated account to cover margin requirements on open futures. For the the six months ended April 30, 2018, the average notional value of futures for the Fund was $1,803,425 for long positions and $(4,370,487) for short positions.

Forward foreign currency contracts ("forward contracts")

At April 30, 2018, open forward contracts for the Fund were as follows:

Currency Purchased			Currency Sold			Counterparty	Settlement Date	Net Unrealized Appreciation/ (Depreciation)
	218,164	USD		175,000	EUR	Goldman Sachs International	7/24/2018	$	5,484
Total unrealized appreciation								$	5,484
	31,210	ZAR		2,583	USD	Goldman Sachs International	7/24/2018	$	(105	)
Total unrealized depreciation								$	(105	)
Total net unrealized appreciation								$	5,379

EUR = Euro

ZAR = South African Rand

For the six months ended April 30, 2018, the Fund's investments in forward contracts had an average notional value of $179,392.

Credit default swap contracts ("credit default swaps")

At April 30, 2018, the Fund had outstanding credit default swaps as follows:

Over-the-counter Credit Default Swaps — Buy Protection

Swap Counterparty	Reference Entity	Notional Amount^(a)		Financing Rate Paid by the Fund^(b)			Maturity Date	Upfront Payments (Receipts)			Unrealized Appreciation/ (Depreciation)			Accrued Net Interest Receivable/ (Payable)			Value
BNP Paribas S.A.	Natixis, Senior Securities	EUR	250,000		1.00	%	6/20/2020	$	(4,598	)	$	(966	)	$	(358	)	$	(5,922	)
Bank of America, N.A.	United States Steel Corp., Senior Securities	$	250,000		5.00	%	6/20/2020		(14,830	)		(8,881	)		(1,458	)		(25,169	)
Bank of America, N.A	AK Steel Corp., Senior Securities		250,000		5.00	%	6/20/2020		(16,757	)		(3,775	)		(1,458	)		(21,990	)
Goldman Sachs International	KB Home, Senior Securities		250,000		5.00	%	12/20/2022		(38,217	)		4,401			(1,458	)		(35,274	)
Goldman Sachs International	SuperValue, inc., Senior Securities		500,000		5.00	%	6/20/2021		3,108			(15,013	)		(2,917	)		(14,822	)
Total								$	(71,294	)	$	(24,234	)	$	(7,649	)	$	(103,177	)

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

EUR=Euro

(b) Payment frequency—quarterly.

See Notes to Financial Statements

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

Over-the-counter Credit Default Swaps — Sell Protection

Swap Counterparty	Reference Entity	Notional Amount		Financing Rate Received by the Fund^(a)			Maturity Date	Upfront Payments (Receipts)			Unrealized Appreciation/ (Depreciation)			Accrued Net Interest Receivable/ (Payable)		Value
Citibank N.A.	Petrobas Global Finance, Senior Securities	$	300,000		1.00	%	6/20/2023	$	(14,180	)	$	(1,108	)	$	350	$	(14,938	)
Goldman Sachs International	Republic of Argentina, Senior Securities		650,000		5.00	%	6/20/2023		64,506			(3,715	)		3,792		64,583
Citibank N.A.	Republic of		500,000		5.00	%	6/20/2023		49,620			(2,857	)		2,917		49,680
	Argentina, Senior Securities
Total								$	99,946		$	(7,680	)	$	7,059	$	99,325

(a) Payment frequency—quarterly.

Centrally Cleared Credit Default Swaps — Sell Protection

Clearinghouse	Reference Entity	Notional Amount		Financing Rate Received by the Fund			Maturity Date	Upfront Payments (Receipts)		Unrealized Appreciation/ (Depreciation)		Accrued Net Interest Receivable/ (Payable)		Value
ICE Clear Credit LLC	CDX North American Investment Grade, Ser. 30. V1	$	5,000,000		1.00	%^(a)	6/20/2023	$	86,343	$	6,327	$	5,833	$	98,503
Total								$	86,343	$	6,327	$	5,833	$	98,503

(a) Payment frequency—quarterly

For the six months ended April 30, 2018, the average notional value of credit default swaps for the Fund was $4,370,430 for buy protection and $(12,344,957) for sell protection.

At April 30, 2018, the Fund had $79,490 deposited in a segregated account to cover margin requirements on centrally cleared swaps.

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

At April 30, 2018, the Fund had outstanding total return basket swap^(a) as follows:

Counterparty

Description

Maturity Date(s)

Value

Goldman Sachs
International

The Fund receives the total return, and pays the floating rate
plus or minus a spread on a portfolio of long positions.
The receipts, based on the specified benchmark floating rates,*
are denominated in various foreign currencies based on the local
currencies of the positions within the swaps.

3/14/2019

27,353

(a) The following table represents required component disclosures associated with the total return basket swaps with Goldman Sachs International as of April 30, 2018.

See Notes to Financial Statements

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

Reference Entity	Shares		Notional Amount		Unrealized Appreciation/ (Depreciation)			Percentage of Net Assets
Long Positions
GSCBEN12^(b)
BP PLC		389	$	30,975	$	4,773			0.0	%
ConocoPhillips		307		35,941		5,538			0.1	%
Royal Dutch Shell PLC		244		30,423		4,689			0.0	%
TOTAL SA		263		29,372		4,527			0.0	%
Exxon Mobil Corp.		175		24,367		3,756			0.0	%
Chevron Corp.		122		27,392		4,221			0.0	%
			$	178,470	$	27,504			0.1	%
Accrued Net Interest Receivable/(Payable)						(151	)
Total Return Basket Swaps, at Value					$	27,353

(b) Fund pays 1-month LIBOR plus 0.50% (effective rate at 4/30/2018 was 2.40%) Payment frequency—monthly. Fund receives the return on investment. Payment frequency—upon termination.

* Benchmark Floating Rates

LIBOR - London Interbank Offered Rate

Total return swap contracts ("total return swaps")

At April 30, 2018, the Fund had outstanding over-the-counter total return swaps as follows:

Long Total Return Swaps

Counterparty	Reference Entity	Notional Amount		Maturity Date	Variable- Rate^(d)			Upfront Payments (Receipts)		Unrealized Appreciation/ (Depreciation)			Accrued Net Interest Receivable/ (Payable)			Value
BNP Paribas S.A.	DCP Midstream Operating LP, Senior Unsecured Notes, 5.60%, due 4/1/44	$	371,675	4/15/2019		2.75	%(a)	$	—	$	(27,867	)	$	(458	)	$	(28,325	)
BNP Paribas S.A.	Antero Resources Corp., Senior Unsecured Notes, 5.38%, due 11/1/2021		150,638	4/15/2019		2.75	%(a)		—		(4,185	)		(177	)		(4,362	)
BNP Paribas S.A.	Chesapeake Energy Corp., Senior Unsecured Notes, 5.60%, due 4/15/2019		520,736	6/17/2019		2.73	%(a)		—		1,252			(516	)		736
Goldman Sachs International	iShares iBoxx $ Investment Grade Corp. Bond ETF		576,100	9/30/2019		2.10	%(b)		—		(8,650	)		(949	)		(9,599	)
Goldman Sachs International	Alerian MLP ETF		50,500	8/26/2019		2.80	%(c)		—		(1,696	)		(229	)		(1,925	)
Total								$	—	$	(41,146	)	$	(2,329	)	$	(43,475	)

(a) Fund pays 1-month USD LIBOR plus 0.85%. Payment frequency—monthly. Fund receives return on reference entity. Payment frequency—upon termination.

(b) Fund pays 1-month USD LIBOR plus 0.20%. Payment frequency—monthly. Fund receives return on reference entity. Payment frequency—upon termination.

See Notes to Financial Statements

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

(c) Fund pays 1-month USD LIBOR plus 0.90%. Payment frequency—monthly. Fund receives return on reference entity. Payment frequency—upon termination.

(d) Effective rate at April 30, 2018.

Short Total Return Swaps

Counterparty	Reference Entity	Notional Amount^(a)			Maturity Date	Variable- Rate^(d)			Upfront Payments/ (Receipts)		Unrealized Appreciation/ (Depreciation)		Accrued Net Interest Receivable/ (Payable)			Value
BNP Paribas S.A.	HCA, Inc., Senior Unsecured Notes, 5.88%, due 2/15/2026	$	(162,692	)	6/17/2019		1.40	%(b)	$	—	$	2,599	$	93		$	2,692
BNP Paribas S.A.	HCA, Inc., Senior Unsecured Notes, 5.88%, due 2/15/2026		(324,188	)	8/20/2018		1.40	%(b)		—		24,014		174			24,188
BNP Paribas S.A.	GRIFLS SA , Senior Unsecured Notes, 3.20%, due 5/1/2025	EUR	(225,873	)	9/18/2018		(1.37	)%(c)		—		1,186		(131	)		1,055
BNP Paribas S.A.	Care Capital Properties LP, 5.13%, due 8/15/2026	$	(216,225	)	9/26/2018		1.40	%(b)		—		16,109		116			16,225
BNP Paribas S.A.	HCA, Inc., Senior Unsecured Notes, 5.88%, due 2/15/2026		(94,361	)	11/15/2018		1.40	%(b)		—		4,292		69			4,361
BNP Paribas S.A.	Macy's Retail Holdings, Inc., Senior Unsecured Notes, 3.88%, due 1/15/2022		(503,950	)	11/15/2018		2.40	%(e)		—		3,451		499			3,950
BNP Paribas S.A.	Michael's Stores, Inc., Senior Subordinated Notes, 5.88%, due 12/15/2020		(501,460	)	11/15/2018		1.40	%(b)		—		1,169		291			1,460
BNP Paribas S.A.	SBA Communications Corp., Senior Unsecured Notes, 4.88%, due 7/15/2022		(256,682	)	11/15/2018		1.40	%(b)		—		6,537		145			6,682
BNP Paribas S.A.	CHS/Community Health Systems, Inc. Senior Unsecured Notes, 8.00%, due 11/15/2019		(211,293	)	12/15/2018		2.15	%(f)		—		11,114		179			11,293
BNP Paribas S.A.	CHS/Community Health Systems, Inc. Senior Unsecured Notes, 8.00%, due 11/15/2019		(422,853	)	12/15/2018		2.15	%(f)		—		22,495		358			22,853
BNP Paribas S.A.	CHS/Community Health Systems, Inc. Senior Unsecured Notes, 8.00%, due 11/15/2019		(151,385	)	12/17/2018		0.15	%(g)		—		1,376		9			1,385
BNP Paribas S.A.	SFR/Numericable Group SA, 5.38%, due 5/15/2022	EUR	(256,4	94)	12/17/2018		1.12	%(h)		—		7,946		(104	)		7,842
Total									$	—	$	102,288	$	1,698		$	103,986

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

EUR=Euro

See Notes to Financial Statements

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

(b) Fund receives 1-month USD LIBOR minus 0.50%. Payment frequency—monthly. Fund pays return on reference entity. Payment frequency—upon termination.

(c) Fund receives 1-month EURIBOR minus 1.00%. Payment frequency—monthly. Fund pays return on reference entity. Payment frequency—upon termination.

(d) Effective rate at April 30, 2018.

(e) Fund receives 1-month USD LIBOR plus 0.50%. Payment frequency—monthly. Fund pays return on reference entity. Payment frequency—upon termination.

(f) Fund receives 1-month USD LIBOR plus 0.25%. Payment frequency—monthly. Fund pays return on reference entity. Payment frequency—upon termination.

(g) Fund receives 1-month USD LIBOR minus 1.75%. Payment frequency—monthly. Fund pays return on reference entity. Payment frequency—upon termination.

(h) Fund receives 1-month EURIBOR minus 0.75%. Payment frequency—monthly. Fund pays return on reference entity. Payment frequency—upon termination.

Benchmark Floating Rates
LIBOR - London Interbank Offered Rate
EURIBOR - Euro Interbank Offered Rate

For the six months ended April 30, 2018, the average notional value of total return swaps was $5,298,262 for long positions and $(6,560,751) for short positions.

At April 30, 2018, the Fund had cash collateral of $750,000 deposited in a segregated account for BNP Paribas SA to cover collateral requirements on over-the-counter derivatives.

Purchased swaption contracts ("swaptions purchased")

At April 30, 2018, the Fund had outstanding swaptions purchased as follows:

Description	Notional Amount		Exercise Price		Expiration Date	Value
Puts
Index
CDX North American Investment Grade Index Ser. 30 V1, 5 year Swaption^(a)	$	15,000,000	$	70.0	5/16/2018	$	3,944
Total swaptions purchased (cost: $15,750)						$	3,944

(a) Over-the-counter swaption. Counterparty is Goldman Sachs International.

See Notes to Financial Statements

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

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of April 30, 2018:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3^(c)		Total
Investments:
Common Stocks^(a)	$	246	$	—	$	—	$	246
Loan Assignments
Steel		—		—		202		202
Other Loan Assignments^(a)		—		1,946		—		1,946
Total Loan Assignments		—		1,946		202		2,148
Convertible Bonds		—		246		—		246
Corporate Bonds^(a)		—		25,077		—		25,077
Foreign Government Securities		—		144		—		144
Swaptions Purchased^(b)		—		4		—		4
Short-Term Investments		—		349		—		349
Total Investments	$	246	$	27,766	$	202	$	28,214

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

(b) The "Purchased swaption contracts" table under Derivative Instruments provides information on the industry or sector categorization for the portfolio.

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

(000's omitted)	Beginning balance, as of 11/1/2017		Accrued discounts/ (premiums)			Realized gain/(loss)			Change in unrealized appreciation/ (depreciation)			Purchases		Sales			Transfers in to Level 3		Transfers out of Level 3		Balance as of 4/30/2018		Net change in unrealized appreciation/ (depreciation) from investments still held as of 4/30/2018
Investments in Securities:
Loan Assignments^(d)
Steel	$	204	$	0	^(e)	$	0	^(e)	$	(1	)	$	—	$	(1	)	$	—	$	—	$	202	$	(1	)
Total	$	204	$	0	^(e)	$	0	^(e)	$	(1	)	$	—	$	(1	)	$	—	$	—	$	202	$	(1	)

(d) Securities categorized as Level 3 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.

(e) Amount less than one thousand.

As of the six months ended April 30, 2018, no securities were transferred from one level (as of October 31, 2017) to another.

See Notes to Financial Statements

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

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of April 30, 2018:

Liability Valuation Inputs
(000's omitted)	Level 1		Level 2			Level 3		Total
Investments:
Reverse Repurchase Agreements	$	—	$	(7,464	)	$	—	$	(7,464	)
Total Reverse Repurchase Agreements	$	—	$	(7,464	)	$	—	$	(7,464	)

As of the six months ended April 30, 2018, no securities were transferred from one level (as of October 31, 2017) to another.

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's derivatives as of April 30, 2018:

Other Financial Instruments
(000's omitted)	Level 1			Level 2			Level 3		Total
Futures^(a)
Assets	$	12		$	—		$	—	$	12
Liabilities		(28	)		—			—		(28	)
Forward Contracts^(a)
Assets		—			5			—		5
Liabilities		—			(0	)^(b)		—		(0	)^(b)
Swaps
Assets		—			345			—		345
Liabilities		—			(162	)		—		(162	)
Total	$	(16	)	$	188		$	—	$	172

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

(b) Amount less than one thousand.

See Notes to Financial Statements

Schedule of Investments Multi-Asset Income Fund (Unaudited) April 30, 2018

	Number of Shares		Value (000's omitted)
Common Stocks 35.6%
Aerospace & Defense 0.6%
BAE Systems PLC		4,600	$	38
Boeing Co.		74		25
Lockheed Martin Corp.		234		75
				138
Air Freight & Logistics 0.2%
bpost SA		428		9
Oesterreichische Post AG		113		6
Royal Mail PLC		3,391		27
				42
Airlines 0.0%^(a)
Copa Holdings SA Class A		26		3
Automobiles 0.4%
Daimler AG		245		19
Ford Motor Co.		2,729		31
Nissan Motor Co. Ltd.		2,100		22
Renault SA		206		22
				94
Banks 2.2%
Aozora Bank Ltd.		500		20
Australia & New Zealand Banking Group Ltd.		711		14
Bank of NT Butterfield & Son Ltd.		155		7
BB&T Corp.		576		31
Citigroup, Inc.		350		24
Danske Bank A/S		134		5
First Hawaiian, Inc.		1,330		37
FNB Corp.		1,400		18
Huntington Bancshares, Inc.		458		7
ING Groep NV		844		14
Intesa Sanpaolo SpA		2,622		10
JPMorgan Chase & Co.		625		68
KBC Group NV		242		21
Nordea Bank AB		882		9
People's United Financial, Inc.		977		18
PNC Financial Services Group, Inc.		200		29
Royal Bank of Canada		258		20
Skandinaviska Enskilda Banken AB, Class A		438		4
SunTrust Banks, Inc.		914		61

	Number of Shares		Value (000's omitted)
U.S. Bancorp		528	$	27
Umpqua Holdings Corp.		2,090		49
Wells Fargo & Co.		478		25
				518
Beverages 0.4%
Coca-Cola Amatil Ltd.		2,359		17
Coca-Cola Co.		625		27
Heineken Holding NV		209		21
PepsiCo, Inc.		325		33
				98
Biotechnology 0.2%
Gilead Sciences, Inc.		625		45
Building Products 0.0%^(a)
JELD-WEN Holding, Inc.		311		9	*
Capital Markets 0.3%
CME Group, Inc.		177		28
Virtu Financial, Inc. Class A		1,150		41
				69
Chemicals 0.9%
Air Products & Chemicals, Inc.		46		7
BASF SE		206		21
Cabot Corp.		180		10
DowDuPont, Inc.		65		4
Eastman Chemical Co.		312		32
Kronos Worldwide, Inc.		281		6
LyondellBasell Industries NV Class A		490		52
Nutrien Ltd.		450		21
Praxair, Inc.		187		29
Solvay SA		150		21
				203
Commercial Services & Supplies 0.2%
KAR Auction Services, Inc.		396		21
Societe BIC SA		55		6
Waste Management, Inc.		337		27
				54
Communications Equipment 0.4%
Cisco Systems, Inc.		1,503		67
VTech Holdings Ltd.		1,800		22
				89

	Number of Shares		Value (000's omitted)
Construction & Engineering 0.1%
Ferrovial SA		500	$	11
Vinci SA		225		22
				33
Containers & Packaging 0.5%
Bemis Co., Inc.		264		11
International Paper Co.		949		49
Packaging Corp. of America		243		28
Sonoco Products Co.		289		15
WestRock Co.		449		27
				130
Diversified Consumer Services 0.1%
H&R Block, Inc.		522		14
Diversified Telecommunication Services 0.8%
AT&T, Inc.		785		26
BCE, Inc.		487		21
Bezeq Israeli Telecommunication Corp. Ltd.		14,201		18
CenturyLink, Inc.		288		5
Elisa OYJ		528		23
Orange SA		1,186		22
Sunrise Communications Group AG		268		21	*^(b)
Swisscom AG		39		19
Telefonica Deutschland Holding AG		2,311		11
Verizon Communications, Inc.		614		30
				196
Electric Utilities 1.6%
ALLETE, Inc.		150		11
American Electric Power Co., Inc.		150		11
CK Infrastructure Holdings Ltd.		1,000		8
CLP Holdings Ltd.		1,500		16
Endesa SA		943		22
Eversource Energy		461		28
Exelon Corp.		1,132		45
FirstEnergy Corp.		930		32
Fortum OYJ		1,013		23
Hawaiian Electric Industries, Inc.		104		4
HK Electric Investments & HK Electric Investments Ltd.		6,000		6	^(b)
IDACORP, Inc.		87		8
NextEra Energy, Inc.		300		49

See Notes to Financial Statements

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

	Number of Shares		Value (000's omitted)
PG&E Corp.		658	$	30
Pinnacle West Capital Corp.		91		7
Portland General Electric Co.		262		11
Power Assets Holdings Ltd.		3,000		22
PPL Corp.		889		26
SSE PLC		1,176		22
Xcel Energy, Inc.		4		0	^(c)
				381
Electrical Equipment 0.3%
ABB Ltd.		402		9
Eaton Corp. PLC		375		28
Emerson Electric Co.		421		28
				65
Electronic Equipment, Instruments & Components 0.0%^(a)
National Instruments Corp.		2		0	^(c)
Energy Equipment & Services 0.2%
Helmerich & Payne, Inc.		325		22
Schlumberger Ltd.		228		16
				38
Equity Real Estate Investment Trusts 5.3%
Alexandria Real Estate Equities, Inc.		462		58
American Campus Communities, Inc.		532		21
American Tower Corp.		297		41
Apple Hospitality REIT, Inc.		657		12
Ascendas Real Estate Investment Trust		5,200		10
Brandywine Realty Trust		397		6
British Land Co. PLC		609		6
Camden Property Trust		85		7
CapitaLand Commercial Trust		10,400		14
CapitaLand Mall Trust		6,300		10
Colony NorthStar, Inc. Class A		230		1
CoreSite Realty Corp.		622		65
Crown Castle International Corp.		902		91

	Number of Shares		Value (000's omitted)
Digital Realty Trust, Inc.		240	$	25
Douglas Emmett, Inc.		650		24
Equinix, Inc.		60		25
Extra Space Storage, Inc.		668		60
Fonciere Des Regions		49		6
Gaming and Leisure Properties, Inc.		586		20
H&R Real Estate Investment Trust		1,262		20
Highwoods Properties, Inc.		548		24
Host Hotels & Resorts, Inc.		2,400		47
Iron Mountain, Inc.		691		23
Kimco Realty Corp.		1,482		22
Lamar Advertising Co. Class A		131		8
LaSalle Hotel Properties		484		14
Life Storage, Inc.		85		8
Medical Properties Trust, Inc.		2,409		31
Mid-America Apartment Communities, Inc.		248		23
Mirvac Group		10,992		18
National Health Investors, Inc.		93		6
OMEGA Healthcare Investors, Inc.		1,174		31
Orix JREIT, Inc.		1		2
Outfront Media, Inc.		1,050		20
Park Hotels & Resorts, Inc.		1,122		32
Pebblebrook Hotel Trust		188		7
Piedmont Office Realty Trust, Inc. Class A		360		6
Prologis, Inc.		545		35
PS Business Parks, Inc.		81		9
Public Storage		122		25
RioCan Real Estate Investment Trust		1,057		19
Senior Housing Properties Trust		714		11
Simon Property Group, Inc.		109		17
STAG Industrial, Inc.		1,076		26
Stockland		5,693		18
Sun Communities, Inc.		427		40
Ventas, Inc.		748		38

	Number of Shares		Value (000's omitted)
VEREIT, Inc.		982	$	7
Vicinity Centres		7,137		13
Vornado Realty Trust		186		13
Welltower, Inc.		839		45
Weyerhaeuser Co.		2,223		82
WP Carey, Inc.		312		20
				1,262
Food & Staples Retailing 0.5%
Kesko OYJ, B Shares		384		23
Walmart, Inc.		754		67
Wesfarmers Ltd.		683		22
				112
Food Products 1.0%
Archer-Daniels- Midland Co.		556		25
Campbell Soup Co.		591		24
Flowers Foods, Inc.		1,512		34
General Mills, Inc.		164		7
Hershey Co.		302		28
Kellogg Co.		440		26
Kraft Heinz Co.		367		21
Nestle SA		132		10
Orkla ASA		1,991		18
Salmar ASA		467		22
Tate & Lyle PLC		690		6
WH Group Ltd.		19,000		20	^(b)
				241
Gas Utilities 0.1%
APA Group		2,343		15
Health Care Equipment & Supplies 0.1%
Medtronic PLC		351		28
Health Care Providers & Services 0.4%
Cardinal Health, Inc.		226		14
CVS Health Corp.		369		26
Encompass Health Corp.		282		17
Patterson Cos., Inc.		284		7
Quest Diagnostics, Inc.		289		29
				93
Hotels, Restaurants & Leisure 1.1%
Carnival Corp.		1,248		79
Carnival PLC		309		20
Cracker Barrel Old Country Store, Inc.		69		11
Crown Resorts Ltd.		2,074		20
Darden Restaurants, Inc.		83		8
Extended Stay America, Inc.		576		11

See Notes to Financial Statements

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

	Number of Shares		Value (000's omitted)
Genting Singapore PLC		15,300	$	13
Las Vegas Sands Corp.		801		59
McDonald's Corp.		170		29
Playtech PLC		559		6
Six Flags Entertainment Corp.		218		14
				270
Household Durables 0.2%
Berkeley Group Holdings PLC		391		22
Garmin Ltd.		492		29
Tupperware Brands Corp.		115		5
				56
Household Products 0.1%
Kimberly-Clark Corp.		64		7
Procter & Gamble Co.		200		14
				21
Independent Power and Renewable Electricity Producers 0.7%
NextEra Energy Partners LP		2,599		108
NRG Yield, Inc. Class C		3,100		55
				163
Industrial Conglomerates 0.3%
3M Co.		121		24
General Electric Co.		1,639		23
Hopewell Holdings Ltd.		2,000		7
NWS Holdings Ltd.		2,000		4
Siemens AG ADR		400		25
				83
Insurance 0.7%
Baloise Holding AG		33		5
First American Financial Corp.		134		7
FNF Group		739		27
Legal & General Group PLC		5,710		21
MetLife, Inc.		154		7
Poste Italiane SpA		2,735		27	^(b)
Power Corp. of Canada		807		19
Power Financial Corp.		377		10
Swiss Life Holding AG		15		5	*
Swiss Re AG		109		10
Talanx AG		124		6

	Number of Shares		Value (000's omitted)
Tryg A/S		419	$	10
Zurich Insurance Group AG		17		6
				160
IT Services 0.4%
Automatic Data Processing, Inc.		170		20
IBM Corp.		188		28
Paychex, Inc.		334		20
Western Union Co.		1,322		26
				94
Machinery 0.1%
Cummins, Inc.		132		21
Marine 0.0%^(a)
Kuehne & Nagel International AG		35		5
Media 0.4%
Interpublic Group of Cos., Inc.		1,650		39
John Wiley & Sons, Inc. Class A		139		9
Mediaset Espana Comunicacion SA		486		5
Metropole Television SA		179		4
News Corp. Class B		433		7
Omnicom Group, Inc.		390		29
TEGNA, Inc.		500		5
				98
Metals & Mining 1.0%
BHP Billiton Ltd.		964		22
BHP Billiton PLC		1,070		23
Fortescue Metals Group Ltd.		5,496		19
Franco-Nevada Corp.		335		24
Nucor Corp.		120		7
Rio Tinto PLC		414		22
Rio Tinto PLC ADR		1,250		69
Southern Copper Corp.		775		41
				227
Mortgage Real Estate Investment 0.9%
AGNC Investment Corp.		1,785		34
Annaly Capital Management, Inc.		5,642		58
Apollo Commercial Real Estate Finance, Inc.		354		6
Blackstone Mortgage Trust, Inc. Class A		1,276		39

	Number of Shares		Value (000's omitted)
Chimera Investment Corp.		551	$	10
MFA Financial, Inc.		902		7
New Residential Investment Corp.		562		10
Starwood Property Trust, Inc.		1,637		34
Two Harbors Investment Corp.		438		7
				205
Multi-Utilities 1.7%
Ameren Corp.		935		55
Canadian Utilities Ltd. Class A		204		5
CenterPoint Energy, Inc.		1,029		26
Centrica PLC		11,200		24
Consolidated Edison, Inc.		97		8
DTE Energy Co.		464		49
Engie SA		1,363		24
Innogy SE		263		11	^(b)
NiSource, Inc.		850		21
NorthWestern Corp.		120		7
Sempra Energy		1,200		134
Veolia Environnement SA		218		5
WEC Energy Group, Inc.		486		31
				400
Multiline Retail 0.2%
Marks & Spencer Group PLC		1,403		5
Target Corp.		450		33
				38
Oil, Gas & Consumable Fuels 4.2%
AltaGas Ltd.		228		4
Antero Midstream GP LP		3,000		52
BP PLC		3,036		23
Caltex Australia Ltd.		196		5
Chevron Corp.		241		30
CVR Energy, Inc.		203		7
Enagas SA		781		23
Enbridge Income Fund Holdings, Inc.		890		19
Eni SpA		1,246		24
Exxon Mobil Corp.		391		30
Galp Energia SGPS SA		1,116		21
Kinder Morgan, Inc.		1,215		19
Marathon Petroleum Corp.		222		17

See Notes to Financial Statements

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

	Number of Shares		Value (000's omitted)
Occidental Petroleum Corp.		407	$	32
ONEOK, Inc.		3,406		205
PBF Energy, Inc. Class A		329		13
Pembina Pipeline Corp.		1,100		35
Phillips 66		291		32
Royal Dutch Shell PLC, A Shares		636		22
Snam SpA		4,727		23
Suncor Energy, Inc.		2,174		83
Targa Resources Corp.		1,750		82
Total SA ADR		600		38
Valero Energy Corp.		327		36
Washington H Soul Pattinson & Co. Ltd.		1,053		15
Williams Cos., Inc.		3,677		95
				985
Paper & Forest Products 0.3%
Domtar Corp.		146		6
Navigator Co. SA		1,310		8
Stora Enso OYJ, R Shares		134		3
Svenska Cellulosa AB SCA, B Shares		2,030		22
UPM-Kymmene OYJ		664		24
				63
Personal Products 0.1%
Unilever PLC		369		21
Pharmaceuticals 1.6%
Allergan PLC		4		1
AstraZeneca PLC		311		22
Bristol-Myers Squibb Co.		559		29
Eli Lilly & Co.		372		30
GlaxoSmithKline PLC		1,196		24
Johnson & Johnson		503		64
Merck & Co., Inc.		513		30
Merck KGaA		203		20
Novartis AG		243		19
Novo Nordisk A/S Class B		87		4
Orion OYJ Class B		646		19
Pfizer, Inc.		1,781		65
Roche Holding AG		94		21
Sanofi		265		21
Takeda Pharmaceutical Co. Ltd.		400		17
				386

	Number of Shares		Value (000's omitted)
Professional Services 0.3%
Adecco Group AG		121	$	8
Nielsen Holdings PLC		391		12
RELX NV		1,043		22
RELX PLC		1,039		22
SGS SA		8		20
				84
Real Estate Management & Development 0.5%
Brookfield Property Partners LP		1,548		30
Castellum AB		313		5
First Capital Realty, Inc.		1,294		20
PSP Swiss Property AG		113		11
Swire Pacific Ltd. Class A		2,000		20
Swire Pacific Ltd. Class B		2,500		4
Swiss Prime Site AG		230		21	*
				111
Road & Rail 0.1%
Union Pacific Corp.		250		33
Semiconductors & Semiconductor Equipment 0.8%
KLA-Tencor Corp.		258		26
Maxim Integrated Products, Inc.		1,392		76
QUALCOMM, Inc.		300		15
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		1,375		53
Texas Instruments, Inc.		277		28
				198
Software 0.4%
CA, Inc.		798		28
Microsoft Corp.		625		58
				86
Specialty Retail 0.4%
CECONOMY AG		1,529		17
Home Depot, Inc.		65		12
L Brands, Inc.		700		25
Williams-Sonoma, Inc.		675		32
				86
Technology Hardware, Storage & Peripherals 0.9%
Apple, Inc.		425		70
Canon, Inc.		600		21
HP, Inc.		1,346		29

	Number of Shares		Value (000's omitted)
Ricoh Co. Ltd.		800	$	8
Seagate Technology PLC		402		23
Western Digital Corp.		512		40
Xerox Corp.		721		23
				214
Textiles, Apparel & Luxury Goods 0.1%
HUGO BOSS AG		241		23
Thrifts & Mortgage Finance 0.1%
New York Community Bancorp, Inc.		1,406		17
Tobacco 0.4%
Altria Group, Inc.		444		25
Imperial Brands PLC		500		18
Japan Tobacco, Inc.		600		16
Philip Morris International, Inc.		309		26
Vector Group Ltd.		324		6
				91
Trading Companies & Distributors 0.3%
ITOCHU Corp.		1,200		24
Marubeni Corp.		3,000		23
Mitsui & Co. Ltd.		1,300		23
Watsco, Inc.		80		13
				83
Transportation Infrastructure 0.1%
Hutchison Port Holdings Trust		2,700		1
Macquarie Infrastructure Corp.		224		9
Sydney Airport		4,000		21
				31
Water Utilities 0.1%
United Utilities Group PLC		1,857		19
Wireless Telecommunication Services 0.3%
Freenet AG		676		22
NTT DOCOMO, Inc.		700		18
Rogers Communications, Inc. Class B		468		22
Telephone & Data Systems, Inc.		7		0	^(c)
Vodafone Group PLC		7,573		22
				84
Total Common Stocks (Cost $8,060)				8,426

See Notes to Financial Statements

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

	Number of Shares		Value (000's omitted)
Preferred Stocks 2.1%
Equity Real Estate Investment Trusts 2.1%
American Homes 4 Rent, Ser. D, 6.50%		746	$	19
Ashford Hospitality Trust, Inc., Ser. F, 7.38%		600		14
Ashford Hospitality Trust, Inc., Ser. H, 7.50%		1,579		36
Cedar Realty Trust, Inc., Ser. B, 7.25%		156		3
Colony NorthStar, Inc., Ser. J, 7.13%		793		18
Digital Realty Trust, Inc., Ser. C, 6.63%		1,923		50
Farmland Partners, Inc., Ser. B, 6.00%		400		10	^(d)
GGP, Inc., Ser. A, 6.38%		1,226		30
Gramercy Property Trust, Ser. A , 7.13%		550		14
Hersha Hospitality Trust, Ser. C, 6.88%		764		18
Hersha Hospitality Trust, Ser. D, 6.50%		675		16
National Retail Properties, Inc., Ser. F, 5.20%		2,025		46
Pebblebrook Hotel Trust, Ser. D, 6.38%		2,221		54
Pennsylvania Real Estate Investment Trust, Ser. L, 6.88%		500		10
Public Storage, Ser. E, 4.90%		1,725		39
QTS Realty Trust, Inc., , 7.13%		250		6
Rexford Industrial Realty, Inc., Ser. A, 5.88%		533		13
Sabra Health Care REIT, Inc., Ser. A, 7.13%		986		25
Saul Centers, Inc., Ser. D, 6.13%		600		13

	Number of Shares		Value (000's omitted)
Sunstone Hotel Investors, Inc., Ser. E, 6.95%		1,500	$	38
UMH Properties, Inc., Ser. D, 6.38%		375		9
VEREIT, Inc., Ser. F, 6.70%		1,014		26
Total Preferred Stocks (Cost $525)				507
	Principal Amount (000's omitted)
Convertible Bonds 1.1%
Biotechnology 0.1%
BioMarin Pharmaceutical, Inc., 0.60%, due 8/1/24	$	10		9
Exact Sciences Corp., 1.00%, due 1/15/25		10		10
				19
Communications Equipment 0.0%^(a)
Finisar Corp., 0.50%, due 12/15/36		5		4
Equity Real Estate Investment Trusts 0.3%
Extra Space Storage LP, 3.13%, due 10/1/35		50		56	^(e)
IH Merger Sub LLC, 3.50%, due 1/15/22		10		11
				67
Independent Power and Renewable Electricity Producers 0.1%
NextEra Energy Partners L.P., 1.50%, due 9/15/20		15		15	^(e)
Internet & Direct Marketing Retail 0.0%^(a)
Liberty Expedia Holdings, Inc., 1.00%, due 6/30/47		10		10	^(e)
Internet Software & Services 0.1%
Zillow Group, Inc., 2.00%, due 12/1/21		10		12

	Principal Amount (000's omitted)		Value (000's omitted)
Media 0.1%
Gannett Co, Inc., 4.75%, due 4/15/24	$	10	$	10	^(e)
Liberty Media Corp., 2.13%, due 3/31/48		25		25	^(e)
				35
Metals & Mining 0.1%
Endeavour Mining Corp., 3.00%, due 2/15/23		20		20	^(e)
Oil Field Equipment & Services 0.1%
Ensco Jersey Finance Ltd., 3.00%, due 1/31/24		20		17
Oil, Gas & Consumable Fuels 0.1%
Golar LNG Ltd., 2.75%, due 2/15/22		15		17
Teekay Corp., 5.00%, due 1/15/23		10		10	^(e)
				27
Software 0.1%
Guidewire Software, Inc., 1.25%, due 3/15/25		20		20
PROS Holdings, Inc., 2.00%, due 6/1/47		10		10	^(e)
				30
Total Convertible Bonds (Cost $249)				256
Corporate Bonds 10.2%
Agriculture 0.3%
BAT Capital Corp., 4.54%, due 8/15/47		75		71	^(e)
Auto Manufacturers 0.2%
Ford Motor Credit Co. LLC, 3.20%, due 1/15/21		50		50
Banks 2.8%
Banco Santander SA, 3.80%, due 2/23/28		40		38

See Notes to Financial Statements

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

			Principal Amount (000's omitted)		Value (000's omitted)
Bank of America Corp., (3 month USD LIBOR + 1.07%), 3.97%, due 3/5/29			$	40	$	39	^(f)
Bank of America Corp., Ser. L, 3.95%, due 4/21/25				45		44
BNP Paribas SA, 2.38%, due 5/21/20				50		49
Citigroup, Inc. (3 month USD LIBOR + 1.56%), 3.89%, due 1/10/28				15		15^(f)
(3 month USD LIBOR + 1.15%), 3.52%, due 10/27/28				20		19	^(f)
Goldman Sachs Group, Inc. 2.60%, due 4/23/20				20		20
(3 month USD LIBOR + 1.51%), 3.69%, due 6/5/28				40		38	^(f)
(3 month USD LIBOR + 1.16%), 3.81%, due 4/23/29				75		71	^(f)
(3 month USD LIBOR + 1.37%), 4.02%, due 10/31/38				35		32	^(f)
	5.15 5/22/45	%, due		30		31
HSBC Holdings PLC, (5 year USD ICE Swap + 3.75%), 6.00%, due 11/22/66				65		64	^(f)
JPMorgan Chase & Co. (3 month USD LIBOR + 1.36%), 3.88%, due 7/24/38				30		28^(f)
(3 month USD LIBOR + 1.22%),,3.90%, due 1/23/49				30		27	^(f)
Morgan Stanley, (3 month USD LIBOR + 1.14%), 3.77%, due 1/24/29				60		58	^(f)

			Principal Amount (000's omitted)		Value (000's omitted)
	Wells Fargo & Co.,2.55%, due 12/7/20		$	20	$	20
	Westpac Banking Corp., (5 year USD ICE Swap + 2.89%), 5.00%, due 3/21/67			65		59	^(f)
						652
Beverages 0.4%
	Anheuser-Busch InBev Finance, Inc., 4.70%, due 2/1/36			20		20
	Anheuser-Busch InBev Worldwide, Inc., 4.75%, due 4/15/58			65		65
						85
Computers 1.1%
	Apple, Inc., 4.65%,due 2/23/46			35		38
	Diamond 1 Finance Corp./ Diamond 2 Finance Corp. 5.45%, due 6/15/23			80		84	^(e)
	6.02 6/15/26	%, due		35		37	^(e)
	HP Enterprise Co. 3.60%, due 10/15/20			40		40
	4.90 10/15/25	%, due		50		52
						251
Diversified Financial Services 0.1%
	Synchrony Financial, 2.70%, due 2/3/20			20		20
Food 0.2%
	Grupo Bimbo SAB de CV, 4.70%, due 11/10/47			55		51	^(e)
	Kroger Co., 3.88%, due 10/15/46			5		4
						55
Insurance 0.1%
	AXA Equitable Holdings, Inc., 5.00%, due 4/20/48			35		33	^(e)

			Principal Amount (000's omitted)		Value (000's omitted)
Iron—Steel 0.1%
	Vale Overseas Ltd., 6.25%, due 8/10/26		$	30	$	33
Media 1.0%
	Charter Communications Operating LLC/ Charter Communications Operating Capital 4.91%, due 7/23/25			90		92
	6.48 10/23/45	%, due		30		32
	5.38 due 5/1/47	%,		15		14
	5.75 due 4/1/48	%,		40		40
	Discovery Communications LLC 5.00%, due 9/20/37			30		29
	5.20 9/20/47	%, due		25		25
						232
Miscellaneous Manufacturers 0.6%
	General Electric Co., Ser. D, (3 month USD LIBOR + 3.33%), 5.00%, due 12/29/49			145		144	^(f)
Oil & Gas 0.4%
	Hess Corp., 4.30%, due 4/1/27			30		29
	Noble Energy, Inc., 5.25%, due 11/15/43			35		37
	Petroleos Mexicanos, 6.50%, due 3/13/27			40		41
						107
Pharmaceuticals 0.7%
	AbbVie, Inc., 4.70%, due 5/14/45			40		39
	CVS Health Corp. 4.30%, due 3/25/28			45		44
	5.05 3/25/48	%, due		90		92
						175

See Notes to Financial Statements

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

	Principal Amount (000's omitted)		Value (000's omitted)
Pipelines 1.0%
Energy Transfer Partners L.P. 6.50%, due 2/1/42		$20	$	21
Ser. B, (3 month USD LIBOR + 4.16%), 6.63%, due 12/31/99		55		52	^(f)
Kinder Morgan, Inc. 5.00%, due 2/15/21		45		46	^(e)
5.55 6/1/45%, due		50		51
MPLX L.P., 4.70%, due 4/15/48		60		57
				227
Semiconductors 0.6%
Broadcom Corp./ Broadcom Cayman Finance Ltd. 3.88%, due 1/15/27		130		124
3.50 1/15/28%, due		10		9
				133
Telecommunications 0.6%
AT&T, Inc. 4.75%, due 5/15/46		35		33
5.45 due 3/1/47%,		65		66
Verizon Communications, Inc., 4.67%, due 3/15/55		40		36
				135
Total Corporate Bonds (Cost $2,462)				2,403
Mortgage-Backed Securities 12.1%
Collateralized Mortgage Obligations 3.1%
Fannie Mae Connecticut Avenue Securities Ser. 2017-C02, Class 2M2, (1 month USD LIBOR + 3.65%), 5.55%, due 9/25/29		230		252	^(f)

	Principal Amount (000's omitted)		Value (000's omitted)
Ser. 2017-C03, Class 1M2, (1 month USD LIBOR + 3.00%), 4.90%, due 10/25/29	$	45	$	48	^(f)
Ser. 2017-C04, Class 2M2, (1 month USD LIBOR + 2.85%), 4.75%, due 11/25/29		120		126	^(f)
Ser. 2017-C05, Class 1M2, (1 month USD LIBOR + 2.20%), 4.10%, due 1/25/30		35		35	^(f)
Freddie Mac Structured Agency Credit Risk Debt Notes, Ser. 2017-DNA2, Class M2, (1 month USD LIBOR + 3.45%), 5.35%, due 10/25/29		250		274	^(f)
				735
Fannie Mae 5.4%
Pass-Through Certificates
3.50 15 Year Maturity%, TBA,		120		121	^(g)
3.50 30 Year Maturity%, TBA,		240		238	^(g)
4.00 30 Year Maturity%, TBA,		655		667	^(g)
4.50 30 Year Maturity%, TBA,		230		240	^(g)
				1,266
Freddie Mac 3.6%
Pass-Through Certificates 3.50%, TBA, 15 Year Maturity		50		51	^(g)
3.50 30 Year Maturity%, TBA,		225		223	^(g)
4.00 30 Year Maturity%, TBA,		575		585	^(g)
				859
Total Mortgage-Backed Securities (Cost $2,820)				2,860

	Principal Amount (000's omitted)		Value (000's omitted)
U.S. Treasury Obligations 11.7%
U.S. Treasury Bill, 0.09%, due 5/24/18	$	100	$	100	^(h)(i)
U.S. Treasury Bonds 4.50%, due 2/15/36		121		146
3.88 8/15/40%, due		121		137
U.S. Treasury Inflation-Indexed Bonds^(j)2.00%, due 1/15/26		574		629	⁽ⁱ⁾
1.75 1/15/28%, due		12		13
3.63 4/15/28%, due		77		98
2.50 1/15/29%, due		139		163
3.88 4/15/29%, due		203		268	⁽ⁱ⁾
3.38 4/15/32%, due		21		28
1.00 2/15/46%, due		100		102
U.S. Treasury Notes 1.50%, due 8/31/18-2/28/23		305		301
1.38 11/30/18-4/30/20%, due		420		416
2.13 12/31/21%, due		60		59
2.25 11/15/27-8/15/46%, due		320		299
Total U.S. Treasury Obligations (Cost $2,817)				2,759
U.S. Government Agency Securities 1.2%
Federal Home Loan Bank, 5.50%, due 7/15/36		95		123
Federal National Mortgage Association 6.63%, due		100		134
11/15/30 5.63%, due 7/15/37		30		39
Total U.S. Government Agency Securities (Cost $318)				296

See Notes to Financial Statements

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

	Principal Amount (000's omitted)		Value (000's omitted)
Asset-Backed Securities 3.1%
Ally Auto Receivables Trust, Ser. 2017-3, Class A2, 1.53%, due 3/16/20	$	13	$	13
Argent , Securities Inc., Ser. 2003-W3, Class M1, (1 month USD LIBOR + 1.13%), 3.02%, due 9/25/33		37		35	^(f)
Bear Stearns Asset Backed Securities Trust, Ser. 2006-SD2, Class M2, (1 month USD LIBOR + 0.80%), 2.70%, due 6/25/36		170		165	^(f)
Capital One Multi-Asset Execution Trust, Ser. 2016-A1, Class A1, (1 month USD LIBOR + 0.45%), 2.35%, due 2/15/22		20		20	^(f)
Carrington Mortgage Loan Trust, Ser. 2006-OPT1, Class M1, (1 month USD LIBOR + 0.35%), 2.25%, due 2/25/36		168		165	^(f)
Citibank Credit Card Issuance Trust, Ser. 2017-A3, Class A3, 1.92%, due 4/7/22		170		167
JP Morgan Mortgage Acquisition Corp., Ser. 2005-OPT2, Class M3, (1 month USD LIBOR + 0.48%), 2.38%, due 12/25/35		135		129	^(f)

	Principal Amount (000's omitted)		Value (000's omitted)
Toyota Auto Receivables Owner Trust, Ser. 2017-B, Class A2A, 1.46%, due 1/15/20	$	34	$	34
Total Asset-Backed Securities (Cost $706)				728
	Number of Shares
Exchange-Traded Funds 3.4%
SPDR Bloomberg Barclays Short Term High Yield Bond ETF		25,155		690
VanEck Vectors J.P. Morgan EM Local Currency Bond ETF		6,000		112
Total Exchange- Traded Funds (Cost $808)				802
Master Limited Partnerships 3.3%
Hotels, Restaurants & Leisure 0.4%
Cedar Fair LP		1,400		95
Oil, Gas & Consumable Fuels 2.9%
Alliance Holdings GP LP		1,325		34
Antero Midstream Partners LP		2,300		62
Dominion Energy Midstream Partners LP		2,850		41
Energy Transfer Equity LP		7,000		110
Energy Transfer Partners LP		2,000		36
Enterprise Products Partners LP		5,100		137
EQT GP Holdings LP		2,200		55
EQT Midstream Partners LP		1,050		59
NuStar Energy LP		900		19
Western Gas Equity Partners LP		3,600		122
				675
Total Master Limited Partnerships (Cost $924)				770

	Number of Shares		Value (000's omitted)
Investment Companies^(k) 20.6%
Neuberger Berman Emerging Markets Debt Fund Institutional Class		158,478	$	1,426	^(l)
Neuberger Berman Floating Rate Income Fund Institutional Class		109,044		1,082	^(l)
Neuberger Berman High Income Bond Fund Class R6		222,959		1,893	^(l)
Neuberger Berman Long Short Credit Fund Class R6		49,772		466	^(l)
Total Investment Companies (Cost $4,887)				4,867
Total Options Purchased^(m) 0.0%^(a)(Cost $2)				1
Short-Term Investments 3.9%
Investment Companies 3.9%
State Street Institutional U.S. Government Money Market Fund Premier Class, 1.63%⁽ⁿ⁾ (Cost $932)		931,973		932	^(l)
Total Investments 108.3% (Cost $25,510)				25,607
Liabilities Less Other Assets (8.3)%				(1,956	)^(o)
Net Assets 100.0%			$	23,651

See Notes to Financial Statements

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

* Non-income producing security.

(a) Represents less than 0.05% of net assets.

(b) Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. Total value of all such securities at April 30, 2018 amounted to approximately $85,000, which represents 0.4% of net assets of the Fund.

(d) Step Bond. Coupon rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown was the current rate as of April 30, 2018.

(e) Securities were purchased under Rule 144A of the Securities Act of 1933, as amended, or are otherwise restricted and, unless registered under the Securities Act of 1933 or exempted from registration, may only be sold to qualified institutional investors or may have other restrictions on resale. At April 30, 2018, these securities amounted to approximately $478,000, which represents 2.0% of net assets of the Fund. These securities have been deemed by the investment manager to be liquid.

(f) Variable or floating rate security. The interest rate shown was the current rate as of April 30, 2018 and changes periodically.

Benchmarks for Variable/Floating Rates:

LIBOR = London Interbank Offered Rate

ICE = Intercontinental Exchange

(g) TBA (To Be Announced) Securities are purchased/sold on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total value of all such securities (excluding forward sales contracts, if any) at April 30, 2018 amounted to approximately $2,125,000, which represents 9.0% of net assets of the Fund.

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

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

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

(k) Affiliated company as defined under the Investment Company Act of 1940, as amended (see Note F of Notes to Financial Statements).

(l) All or a portion of this security is segregated in connection with obligations for to be announced securities, futures, forward foreign currency contracts, options written and/or swaps with a total value of approximately $5,799,000.

(m) See "Purchased option contracts" under Derivative Instruments.

(n) Represents 7-day effective yield as of April 30, 2018.

(o) Includes the impact of the Fund's open positions in derivatives at April 30, 2018.

See Notes to Financial Statements

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

Derivative Instruments

Futures contracts ("futures")

At April 30, 2018, open positions in futures for the Fund were as follows:

Long Futures:
Expiration Date	Number of Contracts		Open Contracts	Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
5/2018		1	HSCEI Index	$	78,134		$	1,911
6/2018		3	Euro-Bund		575,083			(401	)
6/2018		2	Topix Index		325,558			11,755
6/2018		19	Euro STOXX 50 Index		797,088			21,834
6/2018		1	FTSE 100 Index		102,702			4,991
6/2018		2	MSCI EAFE Index		202,650			(1,101	)
6/2018		23	MSCI Emerging Markets Index		1,325,030			(83,924	)
6/2018		5	S&P 500 E-Mini Index		661,750			(52	)
6/2018		10	STOXX Europe 600		230,048			11,521
6/2018		1	Canadian Bond, 10 Year		102,379			(8	)
6/2018		5	U.S. Treasury Long Bond		719,219			(6,216	)
6/2018		3	U.S. Treasury Ultra Long Bond		383,672			(1,203	)
6/2018		12	U.S. Treasury Note, 10 Year		1,435,500			(3,404	)
6/2018		8	U.S. Treasury Note, 2 Year		1,696,375			63
6/2018		8	U.S. Treasury Note, 5 Year		908,063			(2,250	)
Total Long Positions				$	9,543,251		$	(46,484	)
Short Futures:
Expiration Date	Number of Contracts		Open Contracts	Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
6/2018		4	Euro-Bund	$	(766,777	)	$	(7,787	)
6/2018		3	Euro-OAT		(557,223	)		(7,608	)
6/2018		4	S&P 500 E-Mini Index		(529,400	)		28,400
6/2018		2	U.S. Dollar Interest Rate Swap, 10 Year		(186,594	)		1,005
6/2018		10	U.S. Treasury Long Bond		(1,438,438	)		(14,060	)
6/2018		5	U.S. Treasury Note, 10 Year		(598,125	)		1,081
6/2018		4	U.S. Treasury Ultra Long Bond		(628,500	)		(10,243	)
Total Short Positions				$	(4,705,057	)	$	(9,212	)
Total Futures							$	(55,696	)

See Notes to Financial Statements

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

At April 30, 2018, the Fund had $252,227 deposited in a segregated account to cover margin requirements on open futures. The Fund had securities pledged in the amount of $99,898 to cover collateral requirements on open futures.

For the six months ended April 30, 2018, the average notional value of futures for the Fund was $6,141,905 for long positions and $(4,547,146) for short positions.

Forward foreign currency contracts ("forward contracts")

At April 30, 2018, open forward contracts for the Fund were as follows:

Currency Purchased			Currency Sold			Counterparty	Settlement Date	Net Unrealized Appreciation/ (Depreciation)
	186,051	USD		244,550	AUD	Citibank, N.A.	7/24/2018	$	1,874
	49,362	USD		63,386	AUD	JPMorgan Chase Bank N.A.	7/24/2018		1,624
	118,692	USD		152,405	AUD	Royal Bank of Canada	7/24/2018		3,911
	132,247	USD		170,058	AUD	Standard Chartered Bank	7/24/2018		4,172
	117,406	USD		150,913	AUD	State Street Bank and Trust Company	7/24/2018		3,749
	714,417	USD		900,959	CAD	Goldman Sachs International	7/24/2018		11,352
	29,578	USD		37,363	CAD	Goldman Sachs International	7/24/2018		422
	582,769	USD		735,289	CAD	JPMorgan Chase Bank N.A.	7/24/2018		8,985
	152,056	USD		190,603	CAD	JPMorgan Chase Bank N.A.	7/24/2018		3,318
	171,969	USD		216,991	CAD	Royal Bank of Canada	7/24/2018		2,640
	34,513	USD		33,071	CHF	Citibank, N.A.	7/24/2018		899
	193,017	USD		185,193	CHF	Goldman Sachs International	7/24/2018		4,781
	18,077	USD		17,457	CHF	Goldman Sachs International	7/24/2018		334
	15,252	USD		14,788	CHF	Goldman Sachs International	7/24/2018		222
	183,861	USD		176,402	CHF	JPMorgan Chase Bank N.A.	7/24/2018		4,561
	349,876	USD		335,454	CHF	Royal Bank of Canada	7/24/2018		8,910
	525,218	USD		503,256	CHF	Societe Generale	7/24/2018		13,693
	16,321	USD		15,643	CHF	Standard Chartered Bank	7/24/2018		421
	692,625	USD		555,246	EUR	Citibank, N.A.	7/24/2018		17,829
	56,484	USD		45,423	EUR	JPMorgan Chase Bank N.A.	7/24/2018		1,281
	11,266	USD		9,024	EUR	Societe Generale	7/24/2018		299
	1,872,187	USD		1,501,082	EUR	State Street Bank and Trust Company	7/24/2018		47,908
	320,541	USD		257,114	EUR	State Street Bank and Trust Company	7/24/2018		8,068
	100,679	USD		80,659	EUR	State Street Bank and Trust Company	7/24/2018		2,653
	92,995	USD		75,072	EUR	State Street Bank and Trust Company	7/24/2018		1,760
	129,327	USD		90,519	GBP	Citibank, N.A.	7/24/2018		4,204
	28,028	USD		19,629	GBP	Citibank, N.A.	7/24/2018		895
	29,874	USD		20,789	GBP	JPMorgan Chase Bank N.A.	7/24/2018		1,138
	201,176	USD		140,842	GBP	Standard Chartered Bank	7/24/2018		6,492
	1,082,134	USD		758,358	GBP	State Street Bank and Trust Company	7/24/2018		33,867
	95,981	USD		67,108	GBP	State Street Bank and Trust Company	7/24/2018		3,219
	174,705	USD		18,604,685	JPY	Citibank, N.A.	7/24/2018		3,534
	211,214	USD		22,848,543	JPY	Citibank, N.A.	7/24/2018		997
	91,608	USD		9,762,311	JPY	Goldman Sachs International	7/24/2018		1,790
	23,752	USD		2,540,104	JPY	Goldman Sachs International	7/24/2018		382

See Notes to Financial Statements

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

Currency Purchased			Currency Sold			Counterparty	Settlement Date	Net Unrealized Appreciation/ (Depreciation)
	138,562	USD		14,748,487	JPY	Societe Generale	7/24/2018	$	2,869
	23,000	USD		2,449,265	JPY	Standard Chartered Bank	7/24/2018		465
	209,603	USD		22,337,332	JPY	State Street Bank and Trust Company	7/24/2018		4,091
	63,969	USD		6,830,010	JPY	State Street Bank and Trust Company	7/24/2018		1,130
	94,312	USD		100,187,520	KRW	Goldman Sachs International	7/24/2018		531
	54,607	USD		999,514	MXN	State Street Bank and Trust Company	7/24/2018		1,842
	116,804	USD		917,799	NOK	Citibank, N.A.	7/24/2018		2,048
	306,821	USD		2,370,928	NOK	Goldman Sachs International	7/24/2018		10,374
	39,131	USD		302,489	NOK	JPMorgan Chase Bank N.A.	7/24/2018		1,310
	99,180	USD		767,268	NOK	State Street Bank and Trust Company	7/24/2018		3,245
	977,418	USD		1,333,885	NZD	JPMorgan Chase Bank N.A.	7/24/2018		38,965
	415,640	USD		566,486	NZD	Societe Generale	7/24/2018		17,089
	229,864	USD		313,746	NZD	Standard Chartered Bank	7/24/2018		9,129
	98,352	USD		134,341	NZD	State Street Bank and Trust Company	7/24/2018		3,836
	64,388	USD		88,209	NZD	State Street Bank and Trust Company	7/24/2018		2,329
	375,419	USD		3,124,200	SEK	Citibank, N.A.	7/24/2018		16,331
	172,596	USD		1,437,874	SEK	Goldman Sachs International	7/24/2018		7,330
	33,880	USD		283,042	SEK	JPMorgan Chase Bank N.A.	7/24/2018		1,348
	106,958	USD		889,331	SEK	Societe Generale	7/24/2018		4,741
	6	USD		73	ZAR	State Street Bank and Trust Company	7/24/2018		0	^(a)
Total unrealized appreciation								$341,187
	607,335	AUD		472,756	USD	Citibank, N.A.	7/24/2018		(15,355	)
	519,459	AUD		404,407	USD	Goldman Sachs International	7/24/2018		(13,188	)
	115,029	AUD		89,611	USD	Societe Generale	7/24/2018		(2,979	)
	165,692	AUD		127,580	USD	State Street Bank and Trust Company	7/24/2018		(2,792	)
	340,953	CAD		266,185	USD	Citibank, N.A.	7/24/2018		(122	)
	698,439	CAD		557,251	USD	Citibank, N.A.	7/24/2018		(12,223	)
	688,453	CAD		547,976	USD	Societe Generale	7/24/2018		(10,741	)
	103,739	CAD		82,710	USD	Standard Chartered Bank	7/24/2018		(1,757	)
	1,008,068	CAD		798,955	USD	State Street Bank and Trust Company	7/24/2018		(12,307	)
	123,255	CHF		128,415	USD	Citibank, N.A.	7/24/2018		(3,134	)
	14,981	CHF		15,647	USD	JPMorgan Chase Bank N.A.	7/24/2018		(420	)
	78,685	CHF		82,016	USD	State Street Bank and Trust Company	7/24/2018		(2,038	)
	295,823	CHF		307,828	USD	State Street Bank and Trust Company	7/24/2018		(7,144	)
	111,664	EUR		137,284	USD	Citibank, N.A.	7/24/2018		(1,578	)
	421,569	EUR		525,578	USD	Goldman Sachs International	7/24/2018		(13,241	)
	598,837	EUR		746,378	USD	JPMorgan Chase Bank N.A.	7/24/2018		(18,606	)
	2,998	EUR		3,739	USD	Royal Bank of Canada	7/24/2018		(95	)
	262,936	EUR		328,010	USD	Standard Chartered Bank	7/24/2018		(8,461	)
	86,980	GBP		121,904	USD	Citibank, N.A.	7/24/2018		(1,673	)
	25,115	GBP		35,470	USD	Goldman Sachs International	7/24/2018		(754	)
	234,217	GBP		334,412	USD	Goldman Sachs International	7/24/2018		(10,657	)
	341,602	GBP		487,813	USD	JPMorgan Chase Bank N.A.	7/24/2018		(15,621	)

See Notes to Financial Statements

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

Currency Purchased			Currency Sold			Counterparty	Settlement Date	Net Unrealized Appreciation/ (Depreciation)
	240,333	GBP		343,376	USD	Royal Bank of Canada	7/24/2018	$	(11,168	)
	103,937	GBP		148,569	USD	Societe Generale	7/24/2018		(4,898	)
	1,636,152	JPY		15,375	USD	JPMorgan Chase Bank N.A.	7/24/2018		(322	)
	48,897,906	JPY		458,642	USD	JPMorgan Chase Bank N.A.	7/24/2018		(8,761	)
	20,466,949	JPY		192,055	USD	Royal Bank of Canada	7/24/2018		(3,750	)
	32,184,403	KRW		30,320	USD	State Street Bank and Trust Company	7/24/2018		(194	)
	999,944	MXN		54,621	USD	Goldman Sachs International	7/24/2018		(1,834	)
	4,002,976	NOK		518,440	USD	Citibank, N.A.	7/24/2018		(17,930	)
	187,066	NOK		24,052	USD	Goldman Sachs International	7/24/2018		(662	)
	1,456,477	NOK		188,020	USD	JPMorgan Chase Bank N.A.	7/24/2018		(5,911	)
	1,510,617	NOK		195,594	USD	Royal Bank of Canada	7/24/2018		(6,716	)
	2,030,667	NOK		263,120	USD	Societe Generale	7/24/2018		(9,217	)
	169,669	NOK		21,949	USD	Standard Chartered Bank	7/24/2018		(735	)
	172,705	NZD		126,626	USD	Citibank, N.A.	7/24/2018		(5,119	)
	525,765	NZD		375,026	USD	Citibank, N.A.	7/24/2018		(5,124	)
	685,923	NZD		502,617	USD	Goldman Sachs International	7/24/2018		(20,037	)
	176,706	NZD		129,615	USD	JPMorgan Chase Bank N.A.	7/24/2018		(5,293	)
	56,816	NZD		41,633	USD	Royal Bank of Canada	7/24/2018		(1,660	)
	161,720	NZD		116,831	USD	State Street Bank and Trust Company	7/24/2018		(3,054	)
	244,925	NZD		179,821	USD	State Street Bank and Trust Company	7/24/2018		(7,505	)
	202,308	SEK		23,990	USD	Goldman Sachs International	7/24/2018		(737	)
	1,584,596	SEK		190,088	USD	JPMorgan Chase Bank N.A.	7/24/2018		(7,959	)
	2,150,531	SEK		258,176	USD	Royal Bank of Canada	7/24/2018		(10,999	)
	2,276,939	SEK		273,268	USD	Standard Chartered Bank	7/24/2018		(11,562	)
	1,042,892	SEK		125,247	USD	State Street Bank and Trust Company	7/24/2018		(5,379	)
	10,479,555	SEK		1,257,498	USD	State Street Bank and Trust Company	7/24/2018		(53,001	)
Total unrealized depreciation								$(364,413)
Total net unrealized depreciation								$(23,226)

AUD = Australian Dollar

CAD = Canadian Dollar

CHF = Swiss Franc

EUR = Euro

GBP = Pound Sterling

JPY = Japanese Yen

KRW = South Korean Won^(b)

MXN = Mexican Peso

NOK = Norwegian Krone

NZD = New Zealand Dollar

SEK = Swedish Krona

ZAR = South African Rand

See Notes to Financial Statements

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

(a) Amount less than one dollar.

(b) Non-deliverable forward contracts.

For the six months ended April 30, 2018, the Fund's instruments in forward contracts had an average notional value of $27,636,388.

Total return swap contracts ("total return swaps")

At April 30, 2018, the Fund had outstanding over-the-counter total return swaps as follows:

Long Total Return Swaps

Swap Counterparty	Reference Entity	Notional Amount^(t)		Maturity Date	Variable-Rate^(s)			Unrealized Appreciation/ (Depreciation)			Accrued Net Interest Receivable/ (Payable)			Value
JPMorgan Chase Bank N.A.	STOXX Europe 600 Basic Resources (Net Return) Index	EUR	80,725	3/8/2019		(0.47	)%(a)	$	5,008		$	61		$	5,069
Goldman Sachs International	MSCI Europe ex UK Financials Index	EUR	83,128	9/15/2018		(0.18	)%(b)		(176	)		69			(107	)
JPMorgan Chase Bank N.A.	STOXX Europe 600 Travel & Leisure (Net Return) Index	EUR	199,857	11/15/2018		(0.45	)%(c)		(2,419	)		389			(2,030	)
Goldman Sachs International	S&P 500 Energy Sector Total Return Index	$	124,641	6/13/2018		2.66	%(d)		8,594			(322	)		8,272
Goldman Sachs International	S&P 500 Financial Sector Total Return Index		114,032	6/13/2018		2.80	%(e)		(776	)		(340	)		(1,116	)
Citibank, N.A.	S&P Industry Sector Total Return Index		179,639	6/19/2018		2.78	%(f)		(6,887	)		(500	)		(7,387	)
JPMorgan Chase Bank N.A.	S&P 500 Total Return Index		238,880	4/3/2019		2.39	%(g)		3,282			(92	)		3,190
Citibank, N.A.	S&P 500 Financials Sector Total Return Index		117,783	4/26/2019		2.16	%(h)		(1,130	)		—			(1,130	)
Total								$	5,496		$	(735	)	$	4,761

See Notes to Financial Statements

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

Short Total Return Swaps

Swap Counterparty	Reference Entity	Notional Amount^(t)			Maturity Date	Variable-Rate^(s)			Unrealized Appreciation/ (Depreciation)			Accrued Net Interest Receivable/ (Payable)			Value
Goldman Sachs International	MSCI Daily Total Return Gross Europe ex UK Index	EUR	(85,637	)	9/15/2018		(0.18	)%(i)	$	(1,993	)	$	(129	)	$	(2,122	)
JPMorgan Chase Bank N.A.	STOXX Europe 600 (Net Return) Index	EUR	(99,874	)	11/15/2018		(0.67	)%(j)		(3,915	)		(166	)		(4,081	)
JPMorgan Chase Bank N.A.	STOXX Europe 600 Utilities (Net Return) Index	EUR	(125,450	)	3/8/2019		(0.81	)%(k)		(11,947	)		(95	)		(12,042	)
JPMorgan Chase Bank N.A.	FTSE 100 Net of Tax Index	GBP	(90,727	)	11/15/2018		(0.35	)%(l)		(5,852	)		(76	)		(5,797	)
Goldman Sachs International	S&P 500 Total Return Index	$	(233,687	)	6/13/2018		2.62	%(m)		(241	)		767			395
Citibank, N.A.	S&P 500 Consumer Durables & Apparel Group Total Return Index		(187,342	)	6/19/2018		2.40	%(n)		(1,075	)		419			(656	)
Goldman Sachs International	MSCI U.S. REIT Total Return Index		(218,214	)	7/13/2018		2.58	%(o)		4,064			462			4,526
JPMorgan Chase Bank N.A.	S&P 500 Utilities Sector Total Return Index		(120,471	)	4/3/2019		2.25	%(p)		(2,982	)		34			(2,948	)
JPMorgan Chase Bank N.A.	S&P 500 Consumer Staples Sector Total Return Index		(113,754	)	4/3/2019		2.00	%(q)		3,784			170			3,954
Citibank, N.A.	S&P 500 Consumer Discretionary Sector Total Return Index		(117,721	)	4/26/2019		2.03	%(r)		438			—			438
Total									$	(19,719	)	$	1,386		$	(18,333	)

(a) Fund pays 3-month EURIBOR minus 0.14% upon termination. Payment frequency—quarterly. Fund receives return on reference entity. Payment frequency—quarterly.

(b) Fund pays 3-month EURIBOR plus 0.15% upon termination. Payment frequency—quarterly. Fund receives return on reference entity. Payment frequency—upon termination.

(c) Fund pays 3-month EURIBOR minus 0.12% upon termination. Payment frequency—quarterly. Fund receives return on reference entity. Payment frequency—quarterly.

See Notes to Financial Statements

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

(d) Fund pays 3-month USD LIBOR plus 0.54% upon termination. Payment frequency—quarterly. Fund receives return on reference entity. Payment frequency—upon termination.

(e) Fund pays 3-month USD LIBOR plus 0.68% upon termination. Payment frequency—quarterly. Fund receives return on reference entity. Payment frequency—upon termination.

(f) Fund pays 3-month USD LIBOR plus 0.60% upon termination. Payment frequency—quarterly. Fund receives return on reference entity. Payment frequency—upon termination.

(g) Fund pays 1-month USD LIBOR plus 0.50% upon termination. Payment frequency—monthly. Fund receives return on reference entity. Payment frequency—upon termination.

(h) Fund pays 1-month USD LIBOR plus 0.25% upon termination. Payment frequency—monthly. Fund receives return on reference entity. Payment frequency—upon termination.

(i) Fund receives 3-month EURIBOR plus 0.15% upon termination. Payment frequency—quarterly. Fund pays return on reference entity. Payment frequency—upon termination.

(j) Fund receives 3-month EURIBOR minus 0.34% upon termination. Payment frequency—quarterly. Fund pays return on reference entity. Payment frequency—quarterly.

(k) Fund receives 3-month EURIBOR minus 0.48% upon termination. Payment frequency—quarterly. Fund pays return on reference entity. Payment frequency—quarterly.

(l) Fund receives 3-month EURIBOR minus 0.02% upon termination. Payment frequency—quarterly. Fund pays return on reference entity. Payment frequency—quarterly.

(m) Fund receives 3-month USD LIBOR plus 0.50% upon termination. Payment frequency—quarterly. Fund pays return on reference entity. Payment frequency—upon termination.

(n) Fund receives 3-month USD LIBOR plus 0.22% upon termination. Payment frequency—quarterly. Fund pays return on reference entity. Payment frequency—upon termination.

(o) Fund receives 3-month USD LIBOR plus 0.22% upon termination. Payment frequency—monthly. Fund pays return on reference entity. Payment frequency—upon termination.

(p) Fund receives 1-month USD LIBOR plus 0.37% upon termination. Payment frequency—monthly. Fund pays return on reference entity. Payment frequency—upon termination.

(q) Fund receives 1-month USD LIBOR plus 0.12% upon termination. Payment frequency—monthly. Fund pays return on reference entity. Payment frequency—upon termination.

(r) Fund receives 1-month USD LIBOR plus 0.12% upon termination. Payment frequency—monthly. Fund pays return on reference entity. Payment frequency—upon termination.

EURIBOR = Euro Interbank Offered Rate

LIBOR = London Interbank Offered Rate

(s) Effective rate at April 30, 2018.

(t) Notional amount is stated in the currency in which the contract is denominated.

EUR = Euro

GBP = Pound Sterling

For the six months ended April 30, 2018, the average notional value of total return swaps was $693,926 for long positions and $(989,514) for short positions.

See Notes to Financial Statements

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

Purchased option contracts ("options purchased")

At April 30, 2018, the Fund had outstanding options purchased as follows:

Description	Number of Contracts		Notional Amount		Exercise Price		Expiration Date	Value
Calls
Index
S&P 500 Mini Index		10	$	264,810	$	288	5/4/2018	$	0	^(a)(b)
S&P 500 Mini Index		9		238,329		292.5	5/4/2018		0	^(a)(b)
S&P 500 Mini Index		9		238,329		295	5/4/2018		0	^(a)(b)
S&P 500 Mini Index		10		264,810		292.5	5/11/2018		0	^(a)(b)
S&P 500 Mini Index		17		450,177		295	5/11/2018		17
S&P 500 Mini Index		9		238,329		294	5/18/2018		0	^(a)(b)
S&P 500 Mini Index		9		238,329		295	5/18/2018		9
S&P 500 Mini Index		9		238,329		295	5/25/2018		14
Total calls (cost $267)								$40
Puts
Index
S&P 500 Mini Index		9	$	238,329	$	235	5/4/2018	$	0	^(a)(b)
S&P 500 Mini Index		18		476,658		240	5/4/2018		45
S&P 500 Mini Index		19		503,139		240	5/11/2018		181
S&P 500 Mini Index		9		238,329		241	5/11/2018		90
S&P 500 Mini Index		9		238,329		240	5/18/2018		166
S&P 500 Mini Index		9		238,329		241	5/18/2018		175
S&P 500 Mini Index		9		238,329		241	5/25/2018		275
Total puts (cost $1,994)								$932
Total options purchased (cost $2,261)								$972

(a) Security fair valued as of April 30, 2018 in accordance with procedures approved by the Board of Trustees.

(b) Value determined using significant unobservable inputs.

Written option contracts ("options written")

At April 30, 2018, the Fund had outstanding options written as follows:

Description	Number of Contracts		Notional Amount			Exercise Price		Expiration Date	Value
Calls
Index
S&P 500 Mini Index		10	$	(264,810	)	$	267	5/4/2018	$	(755	)
S&P 500 Mini Index		9		(238,329	)		271	5/4/2018		(72	)
S&P 500 Mini Index		9		(238,329	)		270	5/4/2018		(126	)
S&P 500 Mini Index		10		(264,810	)		272	5/11/2018		(250	)
S&P 500 Mini Index		9		(238,329	)		271	5/11/2018		(338	)
S&P 500 Mini Index		8		(211,848	)		270.5	5/11/2018		(368	)
S&P 500 Mini Index		18		(476,658	)		272	5/18/2018		(954	)
S&P 500 Mini Index		9		(238,329	)		273	5/25/2018		(544	)
Total calls (premium received $13,096)									$(3,407)

See Notes to Financial Statements

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

Description	Number of Contracts		Notional Amount			Exercise Price		Expiration Date	Value
Puts
Index
S&P 500 Mini Index		9	$	(238,329	)	$	257	5/4/2018	$	(189	)
S&P 500 Mini Index		9		(238,329	)		263	5/4/2018		(963	)
S&P 500 Mini Index		9		(238,329	)		264	5/4/2018		(1,246	)
S&P 500 Mini Index		10		(264,810	)		261	5/11/2018		(1,395	)
S&P 500 Mini Index		9		(238,329	)		263	5/11/2018		(1,750	)
S&P 500 Mini Index		9		(238,329	)		265	5/11/2018		(2,421	)
S&P 500 Mini Index		9		(238,329	)		262	5/18/2018		(2,034	)
S&P 500 Mini Index		9		(238,329	)		263.5	5/18/2018		(2,480	)
S&P 500 Mini Index		9		(238,329	)		262.5	5/25/2018		(2,606	)
Total puts (premium received $16,592)									$(15,084)
Total options written (premium received $29,688)									$(18,491)

For the six months ended April 30, 2018, the Fund had an average market value of $1,022 in options purchased and $(19,545) in options written. At April 30, 2018, the Fund had securities pledged in the amount of $505,307 to cover collateral requirements for options written.

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of April 30, 2018:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3^(c)		Total
Investments:
Common Stocks
Aerospace & Defense	$	100	$	38	$	—	$	138
Air Freight & Logistics		9		33		—		42
Automobiles		31		63		—		94
Banks		421		97		—		518
Beverages		60		38		—		98
Chemicals		161		42		—		203
Commercial Services & Supplies		48		6		—		54
Communications Equipment		67		22		—		89
Construction & Engineering		—		33		—		33
Diversified Telecommunication Services		82		114		—		196
Electric Utilities		268		113		—		381
Electrical Equipment		56		9		—		65
Equity Real Estate Investment Trusts		1,165		97		—		1,262
Food & Staples Retailing		67		45		—		112
Food Products		165		76		—		241
Gas Utilities		—		15		—		15
Hotels, Restaurants & Leisure		211		59		—		270

See Notes to Financial Statements

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

Asset Valuation Inputs (cont'd)
(000's omitted)	Level 1		Level 2		Level 3^(c)		Total
Household Durables	$	34	$	22	$	—	$	56
Industrial Conglomerates		72		11		—		83
Insurance		70		90		—		160
Marine		—		5		—		5
Media		89		9		—		98
Metals & Mining		141		86		—		227
Multi-Utilities		336		64		—		400
Multiline Retail		33		5		—		38
Oil, Gas & Consumable Fuels		829		156		—		985
Paper & Forest Products		6		57		—		63
Personal Products		—		21		—		21
Pharmaceuticals		219		167		—		386
Professional Services		12		72		—		84
Real Estate Management & Development		50		61		—		111
Specialty Retail		69		17		—		86
Technology Hardware, Storage & Peripherals		185		29		—		214
Textiles, Apparel & Luxury Goods		—		23		—		23
Tobacco		57		34		—		91
Trading Companies & Distributors		13		70		—		83
Transportation Infrastructure		9		22		—		31
Water Utilities		—		19		—		19
Wireless Telecommunication Services		22		62		—		84
Other Common Stocks^(a)		1,267		—		—		1,267
Total Common Stocks		6,424		2,002		—		8,426
Preferred Stocks^(a)		507		—		—		507
Convertible Bonds^(a)		—		256		—		256
Corporate Bonds^(a)		—		2,403		—		2,403
Mortgage-Backed Securities^(a)		—		2,860		—		2,860
U.S. Treasury Obligations		—		2,759		—		2,759
U.S. Government Agency Securities		—		296		—		296
Asset-Backed Securities		—		728		—		728
Exchange-Traded Funds		802		—		—		802
Master Limited Partnerships^(a)		770		—		—		770
Investment Companies		—		4,867		—		4,867
Options Purchased^(b)		1		—		0		1
Short-Term Investments		—		932		—		932
Total Investments	$	8,504	$	17,103	$	0	$	25,607

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

See Notes to Financial Statements

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

(b) The "Purchased option contracts" table under Derivative Instruments provides information on the industry or sector categorization for the portfolio.

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

	Beginning balance, as of 11/1/2017		Accrued discounts/ (premiums)		Realized gain/(loss)		Change in unrealized appreciation/ (depreciation)			Purchases			Sales		Transfers into Level 3		Transfers out of Level 3		Balance, as of 4/30/2018		Net change in unrealized appreciation/ (depreciation) from investments still held as of 4/30/2018
Investments in Securities:
(000's omitted)
Options Purchased^(e)
Calls Index	$	—	$	—	$	—	$	(0	)^(d)	$	0	^(d)	$	—	$	—	$	—	$	0	$	(0	)^(d)
Puts Index		—		—		—		(1	)		1			—		—		—		0		(1	)
Total	$	—	$	—	$	—	$	(1	)	$	1		$	—	$	—	$	—	$	0	$	(1	)

(d) Amount less than one thousand.

(e) As of the six months ended April 30, 2018, these securities were valued in accordance with procedures approved by the Board of Trustees. These investments did not have a material impact on the Fund's net assets and, therefore, disclosure of unobservable inputs used in formulating valuations in not presented.

As of the six months ended April 30, 2018, certain securities were transferred from one level (as of October 31, 2017) to another. Based on beginning of period market values as of November 1, 2017, approximately $823,000 was transferred from Level 1 to Level 2. These securities were categorized as Level 2 as of April 30, 2018, due to the use of Interactive Data Pricing and Reference Data LLC adjusted prices, as stated in the description of the valuation methods of foreign equity securities in the Notes to Financial Statements and/or foreign exchanges having been closed and, therefore, no prices having been readily available for the securities as of that date.

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's derivatives as of April 30, 2018:

Other Financial Instruments
(000's omitted)	Level 1			Level 2			Level 3^(b)		Total
Futures^(a)
Assets	$	82		$	—		$	—	$	82
Liabilities		(138	)		—			—		(138	)
Forward Contracts^(a)
Assets		—			341			—		341
Liabilities		—			(364	)		—		(364	)

See Notes to Financial Statements

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

Other Financial Instruments (cont'd)
(000's omitted)	Level 1			Level 2			Level 3^(b)		Total
Swaps
Assets	$	—		$	26		$	—	$	26
Liabilities		—			(40	)		—		(40	)
Options Written
Liabilities		(18	)		—			—		(18	)
Total	$	(74	)	$	(37	)	$	—	$	(111	)

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

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

	Beginning balance, as of 11/1/2017			Accrued discounts/ (premiums)		Realized gain/(loss)			Change in unrealized appreciation/ (depreciation)			Purchases			Sales		Transfers into Level 3		Transfers out of Level 3		Balance, as of 4/30/2018		Net change in unrealized appreciation/ (depreciation) from investments still held as of 4/30/2018
Other Financial Instruments:
(000's omitted)
Options Written Calls Index^(c)	$	(0	)^(d)	$	—	$	0	^(d)	$	(0	)^(d)	$	0	^(d)	$	—	$	—	$	—	$	—	$	—
Total	$	(0	)^(d)	$	—	$	0	^(d)	$	(0	)^(d)	$	0	^(d)	$	—	$	—	$	—	$	—	$	—

(c) At the beginning of the period, the Fund's Level 3 investments were valued in accordance with procedures approved by the Board of Trustees. The Fund held no Level 3 investments in options written at April 30, 2018.

(d) Amount less than one thousand.

See Notes to Financial Statements

Consolidated Schedule of Investments Risk Balanced Commodity Strategy Fund (Unaudited) April 30, 2018

PRINCIPAL AMOUNT			VALUE
(000's omitted)			(000's omitted)
U.S. Treasury Obligations 5.9%
		U.S. Treasury Bill
$	3,000	0.13%, due 5/3/18	$	3,000	^(a)
	6,000	1.38%, due 7/12/18		5,979	^(a)
		Total U.S. Treasury Obligations (Cost $8,979)		8,979
Asset-Backed Securities 18.5%
		Ally Auto Receivables Trust
	1,506	Ser. 2017-3, Class A2, 1.53%, due 3/16/20		1,501
	376	Ser. 2016-1, Class A3, 1.47%, due 4/15/20		374
	930	Ser. 2017-5, Class A2, 1.81%, due 6/15/20		926
	1,840	Ser. 2018-1, Class A2, 2.14%, due 9/15/20		1,834
	1,200	Ser. 2018-2, Class A2, 2.64%, due 2/16/21		1,200	^(g)
	1,160	American Express Credit Account Master Trust, Ser. 2013-1, Class A, (1 month USD LIBOR + 0.42%), 2.32%, due 2/16/21		1,161	^(b)
	852	BMW Vehicle Lease Trust, Ser. 2017-1, Class A2, 1.64%, due 7/22/19		850
	750	BMW Vehicle Owner Trust, Ser. 2018-A, Class A2A, 2.09%, due 11/25/20		747
		Canadian Pacer Auto Receivables Trust
	524	Ser. 2017-1A, Class A2A, 1.77%, due 12/19/19		522	^(c)
	680	Ser. 2018-1A, Class A2A, 2.70%, due 8/19/20		680	^(c)(g)
		Citibank Credit Card Issuance Trust
	445	Ser. 2013-A2, Class A2, (1 month USD LIBOR + 0.28%), 2.18%, due 5/26/20		445	^(b)
	1,125	Ser. 2017-A1, Class A1, (1 month USD LIBOR + 0.25%), 2.15%, due 1/19/21		1,126	^(b)
		Ford Credit Auto Owner Trust
	137	Ser. 2016-C, Class A2A, 1.04%, due 9/15/19		137
	292	Ser. 2017-A, Class A2A, 1.33%, due 12/15/19		291
		GM Financial Consumer Automobile Receivables Trust
	1,310	Ser. 2017-3A, Class A2A, 1.71%, due 9/16/20		1,304	^(c)
	1,080	Ser. 2018-1, Class A2A, 2.08%, due 1/19/21		1,075
	1,220	Ser. 2018-2, Class A2, 2.55%, due 5/17/21		1,220	^(g)
	1,048	Honda Auto Receivables Owner Trust, Ser. 2017-3, Class A2, 1.57%, due 1/21/20		1,043
		Navient Student Loan Trust
	219	Ser. 2016-3A, Class A1, (1 month USD LIBOR + 0.60%), 2.50%, due 6/25/65		220	^(b)(c)
	1,500	Ser. 2018-2A, Class A1, (1 month USD LIBOR + 0.24%), 2.22%, due 3/25/67		1,500	^(b)(c)
		Nissan Auto Receivables Owner Trust
	74	Ser. 2016-C, Class A2A, 1.07%, due 5/15/19		74
	1,274	Ser. 2017-B, Class A2A, 1.56%, due 5/15/20		1,268
		Securitized Term Auto Receivables Trust
	113	Ser. 2017-1A, Class A2A, 1.51%, due 4/25/19		113	^(c)
	451	Ser. 2017-2A, Class A2A, 1.78%, due 1/27/20		449	^(c)
		Toyota Auto Receivables Owner Trust
	1,735	Ser. 2017-C, Class A2A, 1.58%, due 7/15/20		1,725
	1,090	Ser. 2017-D, Class A2A, 1.74%, due 8/17/20		1,083
	1,320	Verizon Owner Trust, Ser. 2018-1A, Class A1, (1 month USD LIBOR + 0.26%), 2.01%, due 9/20/22		1,319	^(b)(c)
		World Omni Auto Receivables Trust
	1,353	Ser.2017-B, Class A2A, 1.61%, due 2/16/21		1,345
	1,090	Ser. 2018-A, Class A2, 2.19%, due 5/17/21		1,086
	1,460	Ser. 2018-B, Class A2, 2.57%, due 7/15/21		1,458
		Total Asset-Backed Securities (Cost $28,156)		28,076

See Notes to Financial Statements

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

PRINCIPAL AMOUNT			VALUE
(000's omitted)			(000's omitted)
Corporate Bonds 55.3%
Aerospace & Defense 1.7%
$	2,580	Northrop Grumman Corp., 1.75%, due 6/1/18	$	2,579
Agriculture 1.3%
	1,980	BAT Capital Corp., (3 month USD LIBOR + 0.59%), 2.42%, due 8/14/20		1,990	^(b)(c)
Auto Manufacturers 4.4%
		American Honda Finance Corp.
	785	(3 month USD LIBOR + 0.34%), 2.17%, due 2/14/20		788	^(b)
	520	(3 month USD LIBOR + 0.27%), 2.63%, due 7/20/20		522	^(b)
		Daimler Finance N.A. LLC
	2,115	(3 month USD LIBOR + 0.45%), 2.33%, due 5/18/18		2,115	^(b)(c)
	520	(3 month USD LIBOR + 0.25%), 2.04%, due 11/5/18		520	^(b)(c)
	1,500	Ford Motor Credit Co. LLC, (3 month USD LIBOR + 0.83%), 2.64%, due 8/12/19		1,508	^(b)
		Toyota Motor Credit Corp.
	335	(3 month USD LIBOR + 0.82%), 2.70%, due 2/19/19		337	^(b)
	880	(3 month USD LIBOR + 0.26%), 2.61%, due 4/17/20		884	^(b)
				6,674
Banks 19.2%
		Bank of America Corp.
	865	(3 month USD LIBOR + 0.87%), 3.18%, due 4/1/19		871	^(b)
	1,495	(3 month USD LIBOR + 1.42%), 3.78%, due 4/19/21		1,540	^(b)
	2,425	Capital One Financial Corp., (3 month USD LIBOR + 0.76%), 2.57%, due 5/12/20		2,438	^(b)
		Citigroup, Inc.
	600	(3 month USD LIBOR + 0.79%), 3.13%, due 1/10/20		604	^(b)
	2,145	(3 month USD LIBOR + 1.31%), 3.67%, due 10/26/20		2,192	^(b)
		Goldman Sachs Group, Inc.
	2,630	(3 month USD LIBOR + 0.73%), 3.02%, due 12/27/20		2,643	^(b)
	540	(3 month USD LIBOR + 1.77%), 3.71%, due 2/25/21		559	^(b)
	2,925	JPMorgan Chase Bank N.A., (3 month USD LIBOR + 0.29%), 2.65%, due 2/1/21		2,927	^(b)
	2,850	Morgan Stanley, (3 month USD LIBOR + 0.55%), 2.29%, due 2/10/21		2,860	^(b)
	1,485	National Australia Bank Ltd., (3 month USD LIBOR + 0.51%), 2.41%, due 5/22/20		1,493	^(b)(c)
	2,385	Royal Bank of Canada, (3 month USD LIBOR + 0.53%), 2.65%, due 3/15/19		2,393	^(b)
	765	Sumitomo Mitsui Banking Corp., (3 month USD LIBOR + 0.35%), 2.70%, due 1/17/20		766	^(b)
		Toronto-Dominion Bank
	630	(3 month USD LIBOR + 0.44%), 2.75%, due 7/2/19		632	^(b)
	1,080	(3 month USD LIBOR + 0.24%), 2.60%, due 1/25/21		1,079	^(b)
	1,580	U.S. Bank N.A., (3 month USD LIBOR + 0.32%), 2.68%, due 1/24/20		1,583	^(b)
		Wells Fargo & Co.
	685	(3 month USD LIBOR + 0.88%), 3.24%, due 7/22/20		693	^(b)
	870	(3 month USD LIBOR + 1.01%), 3.04%, due 12/7/20		884	^(b)
	1,255	Wells Fargo Bank N.A., (3 month USD LIBOR + 0.31%), 2.66%, due 1/15/21		1,255	^(b)
	1,705	Westpac Banking Corp., (3 month USD LIBOR + 0.43%), 2.46%, due 3/6/20		1,712	^(b)
				29,124

See Notes to Financial Statements

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

PRINCIPAL AMOUNT			VALUE
(000's omitted)			(000's omitted)
Beverages 1.7%
		Anheuser-Busch InBev Finance, Inc.
$	600	(3 month USD LIBOR + 0.40%), 2.76%, due 2/1/19	$	601	^(b)
	1,950	(3 month USD LIBOR + 1.26%), 3.62%, due 2/1/21		2,009	^(b)
				2,610
Biotechnology 1.0%
	1,480	Gilead Sciences, Inc., (3 month USD LIBOR + 0.17%), 2.37%, due 9/20/18		1,480	^(b)
Commercial Services 1.2%
	470	ERAC USA Finance LLC, 2.80%, due 11/1/18		469	^(c)
	1,250	Moody's Corp., (3 month USD LIBOR + 0.35%), 2.37%, due 9/4/18		1,251	^(b)
				1,720
Computers 0.3%
	450	Apple, Inc., (3 month USD LIBOR + 0.82%), 2.74%, due 2/22/19		453	^(b)
Diversified Financial Services 2.7%
	835	AIG Global Funding, (3 month USD LIBOR + 0.48%), 2.79%, due 7/2/20		836	^(b)(c)
	2,505	American Express Co., (3 month USD LIBOR + 0.33%), 2.69%, due 10/30/20		2,508	^(b)
	785	Protective Life Global Funding, (3 month USD LIBOR + 0.55%), 2.60%, due 6/8/18		785	^(b)(c)
				4,129
Electric 5.2%
	2,575	Dominion Energy, Inc., (3 month USD LIBOR + 0.55%), 2.56%, due 6/1/19		2,586	^(b)(c)
	1,975	Nevada Power Co., 6.50%, due 8/1/18		1,995
	910	Pacific Gas & Electric Co., (3 month USD LIBOR + 0.23%), 2.21%, due 11/28/18		909	^(b)(c)
	2,430	Sempra Energy, (3 month USD LIBOR + 0.50%), 2.85%, due 1/15/21		2,434	^(b)
				7,924
Insurance 2.0%
	915	Berkshire Hathaway Finance Corp., (3 month USD LIBOR + 0.69%), 2.81%, due 3/15/19		920	^(b)
	2,110	Principal Life Global Funding II, (3 month USD LIBOR + 0.30%), 2.19%, due 5/21/18		2,110	^(b)(c)
				3,030
Machinery—Construction & Mining 1.2%
		Caterpillar Financial Services Corp.
	930	(3 month USD LIBOR + 0.08%), 2.15%, due 9/11/18		930	^(b)
	860	(3 month USD LIBOR + 0.28%), 2.53%, due 3/22/19		862	^(b)
				1,792
Machinery-Diversified 1.5%
	2,230	John Deere Capital Corp., (3 month USD LIBOR + 0.29%), 2.54%, due 6/22/20		2,236	^(b)

See Notes to Financial Statements

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

PRINCIPAL AMOUNT			VALUE
(000's omitted)			(000's omitted)
Media 0.7%
$	410	Comcast Corp., 5.70%, due 5/15/18	$	410
	550	NBCUniversal Enterprise, Inc., (3 month USD LIBOR + 0.40%), 2.71%, due 4/1/21		553	^(b)(c)
				963
Miscellaneous Manufacturer 2.5%
	2,370	General Electric Co., (3 month USD LIBOR + 0.27%), 2.06%, due 8/7/18		2,370	^(b)
	1,460	Siemens Financieringsmaatschappij NV, (3 month USD LIBOR + 0.34%), 2.49%, due 3/16/20		1,467	^(b)(c)
				3,837
Oil & Gas 3.8%
	750	BP AMI Leasing, Inc., 5.52%, due 5/8/19		770	^(c)
	1,600	BP Capital Markets PLC, (3 month USD LIBOR + 0.35%), 2.18%, due 8/14/18		1,601	^(b)
	740	Phillips 66, (3 month USD LIBOR + 0.65%), 3.00%, due 4/15/19		740	^(b)(c)
		Total Capital Int'l SA
	2,075	(3 month USD LIBOR + 0.57%), 2.38%, due 8/10/18		2,079	^(b)
	620	(3 month USD LIBOR + 0.35%), 2.53%, due 6/19/19		622	^(b)
				5,812
Pharmaceuticals 1.5%
	2,260	CVS Health Corp., (3 month USD LIBOR + 0.63%), 2.69%, due 3/9/20		2,271	^(b)
Telecommunications 3.4%
	2,500	AT&T, Inc., (3 month USD LIBOR + 0.93%), 3.23%, due 6/30/20		2,530	^(b)
	2,575	Verizon Communications, Inc., (3 month USD LIBOR + 0.55%), 2.45%, due 5/22/20		2,590	^(b)
				5,120
		Total Corporate Bonds (Cost $83,667)		83,744
NUMBER OF SHARES
Short-Term Investments 16.0%
Investment Companies 16.0%
	3,995	State Street Institutional Treasury Money Market Fund Premier Class, 1.59%^(d)		4	^(e)
	24,290,509	State Street Institutional U.S. Government Money Market Fund Premier Class, 1.63%^(d)		24,291	^(e)
		Total Short-Term Investments (Cost $24,295)		24,295
		Total Investments 95.7% (Cost $145,097)		145,094
		Other Assets Less Liabilities 4.3%		6,512	^(f)
		Net Assets 100.0%	$	151,606

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

(b) Variable or floating rate security. The interest rate shown was the current rate as of April 30, 2018 and changes periodically.

See Notes to Financial Statements

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

Benchmarks for Variable/Floating Rates:

LIBOR - London Interbank Offered Rate

(c) Securities were purchased under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted and, unless registered under the Securities Act of 1933 or exempted from registration, may only be sold to qualified institutional investors or may have other restrictions on resale. At April 30, 2018, these securities amounted to approximately $23,450,000, which represents 15.5% of net assets of the Fund. These securities have been deemed by the investment manager to be liquid.

(d) Represents 7-day effective yield as of April 30, 2018.

(e) All or a portion of this security is segregated in connection with obligations for futures with a total value of approximately $24,295,000.

(f) Includes the impact of the Fund's open positions in derivatives at April 30, 2018.

(g) Value determined using significant unobservable inputs.

Derivative Instruments

Futures contracts ("futures")

At April 30, 2018, open positions in futures for the Fund were as follows:

Long Futures:

Expiration Date	Number of Contracts		Open Contracts	Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
6/2018		97	Gold 100 Oz.	$	12,796,240	$	(11,540	)
6/2018		90	Lead		5,221,125		(447,262	)
6/2018		113	New York Harbor ULSD		10,172,102		175,089
6/2018		70	Nickel		5,720,820		37,902
6/2018		66	Primary Aluminum		3,737,250		128,839
6/2018		81	Sugar 11		1,065,960		(76,379	)
6/2018		61	Zinc		4,771,725		(505,225	)
7/2018		39	Coffee 'C'		1,795,950		(63,512	)
7/2018		71	Copper		5,456,350		101,688
7/2018		597	Corn		11,962,388		624,527
7/2018		178	Hard Red Winter Wheat		4,783,750		420,716
7/2018		156	Platinum		7,054,320		(376,723	)
7/2018		86	Soybean		4,508,550		164,046
7/2018		151	Soybean Meal		5,946,380		904,082
7/2018		171	Wheat		4,364,775		327,038
8/2018		38	Feeder Cattle		2,777,800		(12,151	)
8/2018		94	Live Cattle		3,930,140		(14,893	)
9/2018		84	Low Sulphur Gasoil		5,418,000		77,700
9/2018		129	Natural Gas		3,612,000		26,010

See Notes to Financial Statements

100

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

Expiration Date	Number of Contracts		Open Contracts	Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
10/2018		148	Brent Crude Oil	$	10,661,920		$	784,644
11/2018		131	RBOB Gasoline		10,399,880			730,388
11/2018		145	WTI Crude Oil		9,568,550			153,857
12/2018		84	Cocoa		2,354,520			154,794
12/2018		86	Cotton No. 2		3,387,540			133,726
12/2018		161	Lean Hogs		3,826,970			(283,577	)
12/2018		67	Silver		5,568,035			(112,988	)
12/2018		75	Soybean Oil		1,415,250			(67,681	)
Total Long Positions				$	152,278,290		$	2,973,115
Short Futures:
Expiration Date	Number of Contracts		Open Contracts	Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
6/2018		2	Lead	$	(116,025	)	$	10,512
6/2018		21	Primary Aluminum		(1,189,125	)		(93,664	)
Total Short Positions				$	(1,305,150	)	$	(83,152	)
Total Futures							$	2,889,963

At April 30, 2018, the Fund had $3,727,767 deposited in a segregated account to cover margin requirements on open futures.

For the six months ended April 30, 2018, the average notional value of futures for the Fund was $142,443,361 for long positions and $(5,781,595) for short positions.

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of April 30, 2018:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3^(b)		Total
Investments:
U.S. Treasury Obligations	$	—	$	8,979	$	—	$	8,979
Asset-Backed Securities		—		24,976		3,100		28,076
Corporate Bonds^(a)		—		83,744		—		83,744
Short-Term Investments		—		24,295		—		24,295
Total Investments	$	—	$	141,994	$	3,100	$	145,094

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

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

See Notes to Financial Statements

101

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

	Beginning balance, as of 11/1/2017		Accrued discounts/ (premiums)		Realized gain/(loss)		Change in unrealized appreciation/ (depreciation)		Purchases		Sales		Transfers into Level 3		Transfers out of Level 3			Balance, as of 4/30/2018		Net change in unrealized appreciation/ (depreciation) from investments still held as of 4/30/2018
Investments in Securities:
(000's omitted)
Asset-Backed Securities^(c)	$	480	$	—	$	—	$	—	$	3,100	$	—	$	—	$	(480	)	$	3,100	$	—
Total	$	480	$	—	$	—	$	—	$	3,100	$	—	$	—	$	(480	)	$	3,100	$	—

(c) At the beginning of the period, these investments were valued based on a single quotation obtained from a dealer. Securities categorized as Level 3 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, 2018, certain securities were transferred from one level (as of October 31, 2017) to another. Based on beginning of period market values as of November 1, 2017, approximately $480,000 was transferred from Level 3 to Level 2. Transfers of asset-backed securities out of Level 3 were primarily due to the pricing methodology no longer using a single quotation obtained from a dealer (Level 3). As of the six months ended April 30, 2018, the Fund had no transfers between Levels 1 and 2.

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's derivatives as of April 30, 2018:

Other Financial Instruments
(000's omitted)	Level 1			Level 2		Level 3		Total
Futures^(a)
Assets	$	4,956		$	—	$	—	$	4,956
Liabilities		(2,066	)		—		—		(2,066	)
Total	$	2,890		$	—	$	—	$	2,890

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

See Notes to Financial Statements

102

Schedule of Investments U.S. Equity Index PutWrite Strategy Fund (Unaudited) April 30, 2018

PRINCIPAL AMOUNT			VALUE
(000's omitted)			(000's omitted)
U.S. Treasury Obligations 97.8%
		U.S. Treasury Notes
$	68,500	0.88%, due 6/15/19—9/15/19	$	67,254	^(a)
	68,400	1.00%, due 9/15/18—3/15/19		67,902
	19,600	1.13%, due 6/15/18		19,585
	32,200	1.25%, due 12/15/18		32,026	^(a)
	62,100	1.38%, due 12/15/19—9/15/20		60,744
	31,200	1.50%, due 6/15/20		30,543
	44,900	1.63%, due 3/15/20—6/30/20		44,158
	1,000	1.88%, due 12/15/20		981
		Total U.S. Treasury Obligations (Cost $325,312)		323,193
NUMBER OF SHARES
Short-Term Investments 3.2%
Investment Companies 3.2%
	10,389,593	State Street Institutional U.S. Government Money Market Fund Premier Class, 1.63%^(b)(Cost $10,390)		10,390	^(c)
		Total Investments 101.0% (Cost $335,702)		333,583
		Liabilities Less Other Assets (1.0)%		(3,197	)^(d)
		Net Assets 100.0%	$	330,386

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

(b) Represents 7-day effective yield as of April 30, 2018.

(c) All or a portion of this security is segregated in connection with obligations for options written with a total value of approximately $10,390,000.

(d) Includes the impact of the Fund's open positions in derivatives at April 30, 2018.

See Notes to Financial Statements

103

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

Written option contracts ("options written")

At April 30, 2018, the Fund had outstanding options written as follows:

Description	Number of Contracts		Notional Amount			Exercise Price		Expiration Date	Value
Puts
Index
Russell 2000 Index		16	$	(2,467,014	)	$	1,510	5/4/2018	$	(3,600	)
Russell 2000 Index		16		(2,467,014	)		1,575	5/4/2018		(52,960	)
Russell 2000 Index		15		(2,312,826	)		1,585	5/4/2018		(64,200	)
Russell 2000 Index		7		(1,079,319	)		1,510	5/11/2018		(4,165	)
Russell 2000 Index		4		(616,754	)		1,520	5/11/2018		(3,180	)
Russell 2000 Index		22		(3,392,145	)		1,535	5/11/2018		(27,280	)
Russell 2000 Index		19		(2,929,580	)		1,545	5/11/2018		(31,350	)
Russell 2000 Index		9		(1,387,696	)		1,555	5/11/2018		(19,440	)
Russell 2000 Index		19		(2,929,580	)		1,550	5/11/2018		(35,910	)
Russell 2000 Index		38		(5,859,159	)		1,565	5/18/2018		(117,800	)
Russell 2000 Index		24		(3,700,522	)		1,575	5/18/2018		(90,840	)
Russell 2000 Index		12		(1,850,261	)		1,585	5/18/2018		(54,900	)
Russell 2000 Index		6		(925,130	)		1,570	5/18/2018		(20,580	)
Russell 2000 Index		4		(616,754	)		1,565	5/25/2018		(13,600	)
Russell 2000 Index		6		(925,130	)		1,545	5/25/2018		(14,130	)
Russell 2000 Index		31		(4,779,840	)		1,555	5/25/2018		(87,885	)
Russell 2000 Index		38		(5,859,159	)		1,550	5/25/2018		(98,230	)
Russell 2000 Index		38		(5,859,159	)		1,550	6/1/2018		(108,490	)
S&P 500 Index		9		(2,383,245	)		2,640	5/4/2018		(12,645	)
S&P 500 Index		2		(529,610	)		2,560	5/4/2018		(325	)
S&P 500 Index		48		(12,710,640	)		2,615	5/4/2018		(35,280	)
S&P 500 Index		11		(2,912,855	)		2,655	5/4/2018		(22,385	)
S&P 500 Index		114		(30,187,770	)		2,605	5/4/2018		(63,840	)
S&P 500 Index		43		(11,386,615	)		2,700	5/4/2018		(225,965	)
S&P 500 Index		21		(5,560,905	)		2,710	5/4/2018		(130,095	)
S&P 500 Index		6		(1,588,830	)		2,660	5/4/2018		(13,740	)
S&P 500 Index		11		(2,912,855	)		2,665	5/4/2018		(28,270	)
S&P 500 Index		11		(2,912,855	)		2,605	5/11/2018		(14,300	)
S&P 500 Index		9		(2,383,245	)		2,630	5/11/2018		(17,730	)
S&P 500 Index		36		(9,532,980	)		2,650	5/11/2018		(98,280	)
S&P 500 Index		210		(55,609,050	)		2,660	5/11/2018		(672,000	)
S&P 500 Index		94		(24,891,670	)		2,700	5/18/2018		(585,620	)
S&P 500 Index		1		(264,805	)		2,680	5/18/2018		(4,890	)
S&P 500 Index		4		(1,059,220	)		2,660	5/18/2018		(15,180	)
S&P 500 Index		47		(12,445,835	)		2,710	5/18/2018		(328,295	)
S&P 500 Index		27		(7,149,735	)		2,685	5/18/2018		(140,535	)
S&P 500 Index		91		(24,097,255	)		2,665	5/18/2018		(368,550	)

See Notes to Financial Statements

104

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

Description	Number of Contracts		Notional Amount			Exercise Price		Expiration Date	Value
S&P 500 Index		255	$	(67,525,275	)	$	2,665	5/25/2018	$	(1,161,525	)
S&P 500 Index		8		(2,118,440	)		2,645	5/25/2018		(29,280	)
S&P 500 Index		4		(1,059,220	)		2,630	5/25/2018		(12,380	)
S&P 500 Index		5		(1,324,025	)		2,665	6/1/2018		(24,900	)
S&P 500 Index		2		(529,610	)		2,660	6/1/2018		(9,480	)
Total options written (premium received $5,257,189)									$	(4,864,030	)

For the six months ended April 30, 2018, the Fund had an average market value of $(3,111,291) in options written. At April 30, 2018, Fund had securities pledged in the amount of $63,478,860 to cover collateral requirements for options written.

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of April 30, 2018:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3		Total
Investments:
U.S. Treasury Obligations	$	—	$	323,193	$	—	$	323,193
Short-Term Investments		—		10,390		—		10,390
Total Investments	$	—	$	333,583	$	—	$	333,583

As of the six months ended April 30, 2018, no securities were transferred from one level (as of October 31, 2017) to another.

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's derivatives as of April 30, 2018:

Other Financial Instruments
(000's omitted)	Level 1			Level 2		Level 3		Total
Options Written
Liabilities	$	(4,864	)	$	—	$	—	$	(4,864	)
Total	$	(4,864	)	$	—	$	—	$	(4,864	)

See Notes to Financial Statements

105

Statements of Assets and Liabilities (Unaudited)

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

	GLOBAL ALLOCATION FUND		HEDGED OPTION PREMIUM STRATEGY FUND		LONG SHORT FUND		LONG SHORT CREDIT FUND
	April 30, 2018		April 30, 2018		April 30, 2018		April 30, 2018
Assets
Investments in securities, at value* (Notes A & F)—see Schedule of Investments:
Unaffiliated issuers^(a)	$	10,822	$	17,502	$	3,207,094	$	28,214
Affiliated issuers^(b)		10,895		—		39,893		—
		21,717		17,502		3,246,987		28,214
Cash		—		149		8,842		1
Foreign currency^(c)		11		—		—		2
Cash collateral segregated for short sales (Note A)		—		—		619,363		—
Cash collateral segregated for futures contracts (Note A)		154		—		591		117
Cash collateral segregated for option contracts (Note A)		—		—		78		—
Cash collateral segregated for centrally cleared swap contracts (Note A)		—		—		—		79
Cash collateral segregated for reverse repurchase agreements due to broker (Note A)		—		—		—		76
Cash collateral segregated for over-the-counter derivatives (Note A)		—		—		5,970		750
Dividends and interest receivable		50		62		5,972		495
Receivable for securities sold		57		—		26,818		736
Receivable for Fund shares sold		—		—		2,111		48
Receivable from Management—net (Note B)		26		19		—		23
Receivable for accumulated variation margin on futures contracts (Note A)		—		—		19,668		—
Receivable for accumulated variation margin on centrally cleared swap contracts (Note A)^(d)		—		—		—		99
Over-the-counter swap contracts, at value^(e) (Note A)	21				—		3,972
Receivable for forward foreign currency contracts (Note A)		344		—		—		5
Prepaid expenses and other assets		40		55		246		41
Total Assets		22,420		17,787		3,940,618		30,932
Liabilities
Investments sold short, at value^(f) (Note A)		—		—		531,738		—
Over-the-counter swap contracts, at value^(e)(h) (Note A)		36		—		3,224		162
Dividends and interest payable for short sales and reverse repurchase agreements		—		—		816		32
Payable for reverse repurchase agreements (Note A)		—		—		—		7,433
Payable to investment manager—net (Notes A & B)		4		6		3,081		10
Option contracts written, at value^(g) (Note A)		17		148		7,314		—
Due to custodian		2		—		—		—
Payable for securities purchased		1,127		—		14,570		100
Payable for Fund shares redeemed		—		—		1,774		34
Payable to administrator—net (Note B)		—		—		536		—
Payable to trustees		4		4		3		4
Payable for accumulated variation margin on futures contracts (Note A)		2		—		—		16
Payable for accumulated variation margin on centrally cleared swap contracts (Note A)		—		—		—		—
Payable for forward foreign currency contracts (Note A)		365		—		—		—
Distributions payable		—		—		—		—
Accrued expenses and other payables		107		66		133		66
Total Liabilities		1,664		224		563,189		7,857
Net Assets	$	20,756	$	17,563	$	3,377,429	$	23,075

See Notes to Financial Statements

106

	MULTI-ASSET INCOME FUND		RISK BALANCED COMMODITY STRATEGY FUND**		U.S. EQUITY INDEX PUTWRITE STRATEGY FUND
	April 30, 2018		April 30, 2018		April 30, 2018
Assets
Investments in securities, at value* (Notes A & F)—see Schedule of Investments:
Unaffiliated issuers^(a)	$	20,740	$	145,094	$	333,583
Affiliated issuers^(b)		4,867		—		—
		25,607		145,094		333,583
Cash		—		554		559
Foreign currency^(c)		13		—		—
Cash collateral segregated for short sales (Note A)		—		—		—
Cash collateral segregated for futures contracts (Note A)		252		3,728		—
Cash collateral segregated for option contracts (Note A)		—		—		—
Cash collateral segregated for centrally cleared swap contracts (Note A)		—		—		—
Cash collateral segregated for reverse repurchase agreements due to broker (Note A)		—		—		—
Cash collateral segregated for over-the-counter derivatives (Note A)		—		—		—
Dividends and interest receivable		94		422		1,043
Receivable for securities sold		366		—		96
Receivable for Fund shares sold		—		76		304
Receivable from Management—net (Note B)		22		39		—
Receivable for accumulated variation margin on futures contracts (Note A)		—		2,890		—
Receivable for accumulated variation margin on centrally cleared swap contracts (Note A)^(d)		—		—		—
Over-the-counter swap contracts, at value^(e) (Note A)	246		26		—
Receivable for forward foreign currency contracts (Note A)		341		—		—
Prepaid expenses and other assets		39		20		48
Total Assets		26,760		152,823		335,633
Liabilities
Investments sold short, at value^(f) (Note A)		—		—		—
Over-the-counter swap contracts, at value^(e)(h) (Note A)		40		—		—
Dividends and interest payable for short sales and reverse repurchase agreements		—		—		—
Payable for reverse repurchase agreements (Note A)		—		—		—
Payable to investment manager—net (Notes A & B)		7		118		121
Option contracts written, at value^(g) (Note A)		18		—		4,864
Due to custodian		2		—		—
Payable for securities purchased		2,471		759		56
Payable for Fund shares redeemed		35		222		110
Payable to administrator—net (Note B)		—		—		27
Payable to trustees		4		4		4
Payable for accumulated variation margin on futures contracts (Note A)		56		—		—
Payable for accumulated variation margin on centrally cleared swap contracts (Note A)		—		—		—
Payable for forward foreign currency contracts (Note A)		364		—		—
Distributions payable		15		—		—
Accrued expenses and other payables		97		114		65
Total Liabilities		3,109		1,217		5,247
Net Assets	$	23,651	$	151,606	$	330,386

107

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

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

	GLOBAL ALLOCATION FUND		HEDGED OPTION PREMIUM STRATEGY FUND			LONG SHORT FUND			LONG SHORT CREDIT FUND
	April 30, 2018		April 30, 2018			April 30, 2018			April 30, 2018
Net Assets consist of:
Paid-in capital	$	18,790	$	18,248		$	2,930,623		$	24,728
Undistributed net investment income/(loss)		89		31			(4,003	)		177
Distributions in excess of net investment income		—		—			—			—
Accumulated net realized gains/(losses) on investments		814		(625	)		16,762			(1,187	)
Net unrealized appreciation/(depreciation) in value of investments		1,063		(91	)		434,047			(643	)
Net Assets	$	20,756	$	17,563		$	3,377,429		$	23,075
Net Assets
Institutional Class	$	14,667	$	15,615		$	3,163,060		$	15,025
Class A		3,333		24			127,569			2,070
Class C		2,756		34			86,800			1,133
Class R6		—		1,890			—			4,847
Shares Outstanding ($.001 par value; unlimited shares authorized)
Institutional Class		1,250		644			217,578			1,604
Class A		286		1			8,947			221
Class C		243		1			6,373			121
Class R6		—		78			—			517
Net Asset Value, offering and redemption price per share
Institutional Class	$	11.74	$	24.23		$	14.54		$	9.37
Class R6		—		24.24			—			9.37
Net Asset Value and redemption price per share
Class A	$	11.65	$	24.23		$	14.26		$	9.37
Offering Price per share
Class A‡	$	12.36	$	25.71		$	15.13		$	9.79
Net Asset Value and offering price per share
Class C^	$	11.33	$	24.09		$	13.62		$	9.36
*Cost of Investments:
(a) Unaffiliated issuers	$	10,509	$	17,704		$	2,760,711		$	28,909
(b) Affiliated issuers		10,127		—			50,133			—
Total cost of investments	$	20,636	$	17,704		$	2,810,844		$	28,909
(c) Total cost of foreign currency	$	10	$	—		$	—		$	2
(d) Unamortized upfront payments on centrally cleared swap contracts	$	—	$	—		$	—		$	86
(e) Unamortized upfront receipts on over-the-counter swap contracts	$	—	$	—		$	—		$	(89	)
(f) Proceeds from investments sold short	$	—	$	—		$	505,055		$	—
(g) Premium received from option contracts written	$	28	$	259		$	11,485		$	—
(h) Unamortized upfront payments on over-the-counter swap contracts	$	—	$	—		$	—		$	117

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

‡ On single retail sales of less than $50,000. On sales of $50,000 or more or in certain other circumstances described in the Fund's prospectus, offering price is reduced.

^ Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See Notes to Financial Statements

108

	MULTI-ASSET INCOME FUND			RISK BALANCED COMMODITY STRATEGY FUND**			U.S. EQUITY INDEX PUTWRITE STRATEGY FUND
	April 30, 2018			April 30, 2018			April 30, 2018
Net Assets consist of:
Paid-in capital	$	23,357		$	143,566		$	334,739
Undistributed net investment income/(loss)		—			—			156
Distributions in excess of net investment income		(227	)		(4,069	)		—
Accumulated net realized gains/(losses) on investments		505			9,222			(2,783	)
Net unrealized appreciation/(depreciation) in value of investments		16			2,887			(1,726	)
Net Assets	$	23,651		$	151,606		$	330,386
Net Assets
Institutional Class	$	18,124		$	103,728		$	305,173
Class A		791			47,842			6,562
Class C		721			36			978
Class R6		4,015			—			17,673
Shares Outstanding ($.001 par value; unlimited shares authorized)
Institutional Class		1,817			15,717			28,846
Class A		79			7,378			621
Class C		72			6			94
Class R6		403			—			1,669
Net Asset Value, offering and redemption price per share
Institutional Class	$	9.97		$	6.60		$	10.58
Class R6		9.97			—			10.59
Net Asset Value and redemption price per share
Class A	$	9.97		$	6.48		$	10.57
Offering Price per share
Class A‡	$	10.41		$	6.88		$	11.21
Net Asset Value and offering price per share
Class C^	$	9.97		$	6.25		$	10.46
*Cost of Investments:
(a) Unaffiliated issuers	$	20,623		$	145,097		$	335,702
(b) Affiliated issuers		4,887			—			—
Total cost of investments	$	25,510		$	145,097		$	335,702
(c) Total cost of foreign currency	$	12		$	—		$	—
(d) Unamortized upfront payments on centrally cleared swap contracts	$	—		$	—		$	—
(e) Unamortized upfront receipts on over-the-counter swap contracts	$	—		$	—		$	—
(f) Proceeds from investments sold short	$	—		$	—		$	—
(g) Premium received from option contracts written	$	30		$	—		$	5,257
(h) Unamortized upfront payments on over-the-counter swap contracts	$	—		$	—		$	—

109

Statements of Operations (Unaudited)

Neuberger Berman Alternative Funds
(000's omitted)

	GLOBAL ALLOCATION FUND			HEDGED OPTION PREMIUM STRATEGY FUND		LONG SHORT FUND			LONG SHORT CREDIT FUND
	For the Six Months Ended April 30, 2018			For the Six Months Ended April 30, 2018		For the Six Months Ended April 30, 2018			For the Six Months Ended April 30, 2018
Investment Income:
Income (Note A):
Dividend income—unaffiliated issuers	$	91		$	—	$	19,472		$	27
Dividend income—affiliated issuers (Note F)		159			—		—			—
Interest and other income—unaffiliated issuers		59			124		11,044			816
Foreign taxes withheld (Note A)		(3	)		—		(336	)		—
Total income	$	306		$	124	$	30,180		$	843
Expenses:
Investment management fees (Note B)		56			35		18,130			92
Administration fees (Note B):
Institutional Class		10			10		2,295			12
Class A		5			—		169			4
Class C		4			—		118			1
Class R6		—			1		—			2
Distribution fees (Note B):
Class A		5			—		163			4
Class C		15			—		453			5
Shareholder servicing agent fees:
Institutional Class		—			—		33			—
Class A		1			—		3			—
Class C		—			—		1			—
Subsidiary Administration Fees		—			—		—			—
Audit fees		35			20		18			29
Custodian and accounting fees		101			41		321			44
Insurance expense		—			—		40			—
Legal fees		43			44		63			41
Registration and filing fees		32			55		150			31
Shareholder reports		2			1		93			2
Trustees' fees and expenses		21			21		24			21
Dividend and interest expense on securities sold short and reverse repurchase agreements (Note A)		—			—		5,472			48
Interest expense		1			—		22			6
Miscellaneous		20			—		119			4
Total expenses		351			228		27,687			346

See Notes to Financial Statements

110

	MULTI-ASSET INCOME FUND			RISK BALANCED COMMODITY STRATEGY FUND^(a)		U.S. EQUITY INDEX PUTWRITE STRATEGY FUND
	For the Six Months Ended April 30, 2018			For the Six Months Ended April 30, 2018		For the Six Months Ended April 30, 2018
Investment Income:
Income (Note A):
Dividend income—unaffiliated issuers	$	216		$	—	$	—
Dividend income—affiliated issuers (Note F)		120			—		—
Interest and other income—unaffiliated issuers		121			1,135		1,556
Foreign taxes withheld (Note A)		(6	)		—		—
Total income	$	451		$	1,135	$	1,556
Expenses:
Investment management fees (Note B)		52			337		565
Administration fees (Note B):
Institutional Class		13			68		171
Class A		1			58		8
Class C		1			—		1
Class R6		2			—		6
Distribution fees (Note B):
Class A		1			56		7
Class C		4			—		4
Shareholder servicing agent fees:
Institutional Class		—			—		—
Class A		—			2		—
Class C		—			—		—
Subsidiary Administration Fees		—			25		—
Audit fees		35			40		27
Custodian and accounting fees		97			42		56
Insurance expense		—			2		2
Legal fees		42			50		42
Registration and filing fees		30			31		43
Shareholder reports		1			14		5
Trustees' fees and expenses		21			21		21
Dividend and interest expense on securities sold short and reverse repurchase agreements (Note A)		—			—		—
Interest expense		1			5		—
Miscellaneous		4			23		7
Total expenses		305			774		965

111

Statements of Operations (Unaudited) (cont'd)

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

	GLOBAL ALLOCATION FUND			HEDGED OPTION PREMIUM STRATEGY FUND			LONG SHORT FUND			LONG SHORT CREDIT FUND
	For the Six Months Ended April 30, 2018			For the Six Months Ended April 30, 2018			For the Six Months Ended April 30, 2018			For the Six Months Ended April 30, 2018
Expenses reimbursed by Management (Note B)		(249	)		(177	)		—			(146	)
Investment management fees waived (Note A)		(32	)		—			—			—
Total net expenses		70			51			27,687			200
Net investment income/(loss)	$	236		$	73		$	2,493		$	643
Realized and Unrealized Gain/(Loss) on Investments (Note A):
Net realized gain/(loss) on:
Transactions in investment securities of unaffiliated issuers		417			(170	)		103,729			(81	)
Transactions in investment securities of affiliated issuers		165			—			(46	)		—
Realized gain distributions from affiliated issuers		212			—			—			—
Settlement of forward foreign currency contracts		38			—			—			(6	)
Settlement of foreign currency transactions		3			—			15			7
Expiration or closing of futures contracts		64			—			(53,980	)		5
Expiration or closing of option contracts and swaptions written		(55	)		(438	)		11,198			65
Expiration or closing of swap contracts		15			—			(12,956	)		(236	)
Change in net unrealized appreciation/(depreciation) in value of:
Investment securities of unaffiliated issuers		(432	)		(170	)		(20,837	))		(777	)
Investment securities of affiliated issuers		(270	)		—			(10,240	)		—
Short positions of unaffiliated issuers		—			—			1,705			—
Forward foreign currency contracts		(36	)		—			—			4
Foreign currency translations		(1	)		—			—			1
Futures contracts		(10	)		—			40,028			(5	)
Option contracts and swaptions written		7			90			4,411			—
Swap contracts		(5	)		—			2,938			(1	)
Net gain/(loss) on investments		112			(688	)		65,965			(1,024	)
Net increase/(decrease) in net assets resulting from operations	$	348		$	(615	)	$	68,458		$	(381	)

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

See Notes to Financial Statements

112

	MULTI-ASSET INCOME FUND			RISK BALANCED COMMODITY STRATEGY FUND^(a)			U.S. EQUITY INDEX PUTWRITE STRATEGY FUND
	For the Six Months Ended April 30, 2018			For the Six Months Ended April 30, 2018			For the Six Months Ended April 30, 2018
Expenses reimbursed by Management (Note B)		(224	)		(194	)		(136	)
Investment management fees waived (Note A)		(13	)		—			—
Total net expenses		68			580			829
Net investment income/(loss)	$	383		$	555		$	727
Realized and Unrealized Gain/(Loss) on Investments (Note A):
Net realized gain/(loss) on:
Transactions in investment securities of unaffiliated issuers		503			56			(25	)
Transactions in investment securities of affiliated issuers		—			—			—
Realized gain distributions from affiliated issuers		—			—			—
Settlement of forward foreign currency contracts		19			—			—
Settlement of foreign currency transactions		15			—			—
Expiration or closing of futures contracts		156			9,250			—
Expiration or closing of option contracts and swaptions written		(65	)		—			(2,291	)
Expiration or closing of swap contracts		31			—			—
Change in net unrealized appreciation/(depreciation) in value of:
Investment securities of unaffiliated issuers		(791	)		(105	)		(1,533	)
Investment securities of affiliated issuers		(93	)		—			—
Short positions of unaffiliated issuers		—			—			—
Forward foreign currency contracts		(32	)		—			—
Foreign currency translations		(2	)		—			—
Futures contracts		(80	)		644			—
Option contracts and swaptions written		7			—			(71	)
Swap contracts		(16	)		—			—
Net gain/(loss) on investments		(348	)		9,845			(3,920	)
Net increase/(decrease) in net assets resulting from operations	$	35		$	10,400		$	(3,193	)

113

Statements of Changes in Net Assets

Neuberger Berman Alternative Funds
(000's omitted)

	GLOBAL ALLOCATION FUND						HEDGED OPTION PREMIUM STRATEGY FUND						LONG SHORT FUND
	Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017			Six Months Ended April 30, 2018 (Unaudited)			Period from April 12, 2017 (Commencement of Operations) to October 31, 2017			Six Months Ended April 30, 2018 (Unaudited)		Year Ended October 31, 2017
Increase/(Decrease) in Net Assets:
From Operations:
Net investment income/(loss) (Note A)	$	236		$	281		$	73		$	21		$	2,493	$	1,564
Net realized gain/(loss) on investments (Note A)		859			1,076			(608	)		100			47,960		60,662
Net increase from payments by affiliates (Note B)		—			—			—			—			—		37
Change in net unrealized appreciation/(depreciation) of investments (Note A)		(747	)		1,743			(80	)		(11	)		18,005		206,680
Net increase/(decrease) in net assets resulting from operations		348			3,100			(615	)		110			68,458		268,943
Distributions to Shareholders From (Note A):
Net investment income:
Institutional Class		(243	)		(44	)		(42	)		(11	)		—		—
Class A		(60	)		—			(0	)		(0	)		—		—
Class C		(19	)		—			—			—			—		—
Class R6		—			—			(6	)		(6	)		—		—
Net realized gain on investments:
Institutional Class		(448	)		—			(99	)		—			—		—
Class A		(134	)		—			(0	)		—			—		—
Class C		(106	)		—			(0	)		—			—		—
Class R6		—			—			(18	)		—			—		—
Tax return of capital:
Institutional Class		—			—			—			—			—		—
Class A		—			—			—			—			—		—
Class C		—			—			—			—			—		—
Class R6		—			—			—			—			—		—
Total distributions to shareholders		(1,010	)		(44	)		(165	)		(17	)		—		—
From Fund Share Transactions (Note D):
Proceeds from shares sold:
Institutional Class		3,333			6,799			10,503			8,498			606,330		1,209,220
Class A		133			1,344			—			25			16,833		46,543
Class C		1			215			—			35			4,433		8,792
Class R6		—			—			—			1,950			—		—

See Notes to Financial Statements

114

	LONG SHORT CREDIT FUND						MULTI-ASSET INCOME FUND						RISK BALANCED COMMODITY STRATEGY FUND^(a)
	Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017			Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017			Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017
Increase/(Decrease) in Net Assets:
From Operations:
Net investment income/(loss) (Note A)	$	643		$	1,065		$	383		$	677		$	555		$	222
Net realized gain/(loss) on investments (Note A)		(246	)		330			659			331			9,306			4,087
Net increase from payments by affiliates (Note B)		—			—			—			—			—			—
Change in net unrealized appreciation/(depreciation) of investments (Note A)		(778	)		39			(1,007	)		994			539			1,630
Net increase/(decrease) in net assets resulting from operations		(381	)		1,434			35			2,002			10,400			5,939
Distributions to Shareholders From (Note A):
Net investment income:
Institutional Class		(243	)		(659	)		(403	)		(548	)		(3,165	)		—
Class A		(32	)		(100	)		(14	)		(18	)		(1,487	)		—
Class C		(12	)		(28	)		(12	)		(16	)		(1	)		—
Class R6		(85	)		(251	)		(93	)		(142	)		—			—
Net realized gain on investments:
Institutional Class		—			—			—			—			—			—
Class A		—			—			—			—			—			—
Class C		—			—			—			—			—			—
Class R6		—			—			—			—			—			—
Tax return of capital:
Institutional Class		—			—			—			(16	)		—			—
Class A		—			—			—			(1	)		—			—
Class C		—			—			—			(1	)		—			—
Class R6		—			—			—			(4	)		—			—
Total distributions to shareholders		(372	)		(1,038	)		(522	)		(746	)		(4,653	)		—
From Fund Share Transactions (Note D):
Proceeds from shares sold:
Institutional Class		5,183			5,003			1,633			5,407			18,146			45,513
Class A		1,121			2,136			202			11			4,312			16,494
Class C		160			25			—			59			4			—
Class R6		20			220			—			—			—			—

115

Statements of Changes in Net Assets (cont'd)

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

	GLOBAL ALLOCATION FUND						HEDGED OPTION PREMIUM STRATEGY FUND						LONG SHORT FUND
	Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017			Six Months Ended April 30, 2018 (Unaudited)			Period from April 12, 2017 (Commencement of Operations) to October 31, 2017			Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017
Proceeds from reinvestment of dividends and distributions:
Institutional Class		691			44			141			11			—			—
Class A		193			—			—			—			—			—
Class C		125			—			—			—			—			—
Class R6		—			—			—			—			—			—
Payments for shares redeemed:
Institutional Class		(2,765	)		(4,963	)		(2,905	)		(8	)		(360,201	)		(672,348	)
Class A		(752	)		(4,053	)		—			—			(37,699	)		(124,652	)
Class C		(466	)		(2,268	)		—			—			(12,035	)		(43,665	)
Class R6		—			—			—			—			—			—
Net increase/(decrease) from Fund share transactions		493			(2,882	)		7,739			10,511			217,661			423,890
Net Increase/(Decrease) in Net Assets		(169	)		174			6,959			10,604			286,119			692,833
Net Assets:
Beginning of period		20,925			20,751			10,604			—			3,091,310			2,398,477
End of period	$	20,756		$	20,925		$	17,563		$	10,604		$	3,377,429		$	3,091,310
Undistributed net investment income/(loss) at end of period	$	89		$	176		$	31		$	6		$	(4,003	)	$	—
Distributions in excess of net investment income at end of period	$	—		$	—		$	—		$	—		$	—		$	(6,496	)

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

See Notes to Financial Statements

116

	LONG SHORT CREDIT FUND						MULTI-ASSET INCOME FUND						RISK BALANCED COMMODITY STRATEGY FUND^(a)
	Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017			Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017			Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017
Proceeds from reinvestment of dividends and distributions:
Institutional Class		242			660			402			564			3,133			—
Class A		20			65			3			3			1,487			—
Class C		2			1			4			5			1			—
Class R6		16			56			—			—			—			—
Payments for shares redeemed:
Institutional Class		(5,581	)		(12,619	)		(885	)		(1,978	)		(4,520	)		(15,387	)
Class A		(2,009	)		(207	)		—			(11	)		(2,201	)		(9,373	)
Class C		(1	)		(11	)		(1	)		(13	)		—			(57	)
Class R6		(1,060	)		(473	)		—			—			—			—
Net increase/(decrease) from Fund share transactions		(1,887	)		(5,144	)		1,358			4,047			20,362			37,190
Net Increase/(Decrease) in Net Assets		(2,640	)		(4,748	)		871			5,303			26,109			43,129
Net Assets:
Beginning of period		25,715			30,463			22,780			17,477			125,497			82,368
End of period	$	23,075		$	25,715		$	23,651		$	22,780		$	151,606		$	125,497
Undistributed net investment income/(loss) at end of period	$	177		$	—		$	—		$	—		$	—		$	29
Distributions in excess of net investment income at end of period	$	—		$	(94	)	$	(227	)	$	(88	)	$	(4,069	)	$	—

117

Statements of Changes in Net Assets (cont'd)

Neuberger Berman Alternative Funds
(000's omitted)

	U.S. EQUITY INDEX PUTWRITE STRATEGY FUND
	Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017
Increase/(Decrease) in Net Assets:
From Operations:
Net investment income/(loss) (Note A)	$	727		$	496
Net realized gain/(loss) on investments (Note A)		(2,316	)		10,197
Net increase from payments by affiliates (Note B)		—			—
Change in net unrealized appreciation/(depreciation) of investments (Note A)		(1,604	)		(47	)
Net increase/(decrease) in net assets resulting from operations		(3,193	)		10,646
Distributions to Shareholders From (Note A):
Net investment income:
Institutional Class		(592	)		(385	)
Class A		(5	)		(2	)
Class C		—			—
Class R6		(47	)		(45	)
Net realized gain on investments:
Institutional Class		(8,961	)		(87	)
Class A		(275	)		(2	)
Class C		(45	)		(0	)
Class R6		(821	)		(14	)
Institutional Class		—			—
Class A		—			—
Class C		—			—
Class R6		—			—
Total distributions to shareholders		(10,746	)		(535	)
From Fund Share Transactions (Note D):
Proceeds from shares sold:
Institutional Class		186,751			137,312
Class A		3,402			3,952
Class C		487			403
Class R6		9,311			10,681

See Notes to Financial Statements

118

Statements of Changes in Net Assets (cont'd)

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

	U.S. EQUITY INDEX PUTWRITE STRATEGY FUND
	Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017
Proceeds from reinvestment of dividends and distributions:
Institutional Class		9,449			471
Class A		279			3
Class C		35			—
Class R6		868			54
Payments for shares redeemed:
Institutional Class		(30,501	)		(15,953	)
Class A		(801	)		(503	)
Class C		—			(2	)
Class R6		(3,783	)		(4,235	)
Net increase/(decrease) from Fund share transactions		175,497			132,183
Net Increase/(Decrease) in Net Assets		161,558			142,294
Net Assets:
Beginning of period		168,828			26,534
End of period	$	330,386		$	168,828
Undistributed net investment income/(loss) at end of period	$	156		$	73
Distributions in excess of net investment income at end of period	$	—		$	—

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

See Notes to Financial Statements

119

Statement of Cash Flows (Unaudited)

Neuberger Berman Alternative Funds
(000's omitted)

	Long Short Credit Fund
	For the Six Months Ended April 30, 2018
Increase/(decrease) in cash:
Cash flows from operating activities:
Net decrease in net assets resulting from operations	$	(381	)
Adjustments to reconcile net decrease in net assets resulting from operations to net cash used in operating activities:
Changes in assets and liabilities:
Purchase of investment securities		(17,464	)
Proceeds from disposition of investment securities		15,163
Purchase/sale of short-term investment securities, net		(347	)
Increase in receivable/(payable) for accumulated variation margin on centrally cleared swap contracts		(66	)
Unrealized appreciation of centrally cleared swap contracts		14
Increase in interest receivable		(101	)
Decrease in receivable/(payable) for accumulated variation margin on futures contracts		94
Proceeds for option contracts and swaptions written		63
Proceeds for foreign currency translations and forward foreign currency contracts		2
Decrease in prepaid expenses and other assets		(15	)
Decease in receivable for securities sold		5
Increase in cash collateral		(113	)
Decrease in payable for securities purchased		(1,784	)
Increase in dividends and interest payable for short sales and reverse repurchase agreements		32
Net amortization of premium/(discount) on investments		59
Decrease in accrued expenses and other payables		(55	)
Unrealized depreciation on investment securities of unaffiliated issuers		777
Unrealized appreciation on forward foreign currency contracts		(4	)
Unrealized appreciation on foreign currency translations		(1	)
Unrealized depreciation on futures contracts		5
Unrealized depreciation on swap contracts		1
Net realized loss from transactions in investment securities of unaffiliated issuers		81
Net realized loss from settlement of forward foreign currency contracts		6
Net realized gain from settlement of foreign currency transactions		(7	)
Net realized gain from expiration or closing of futures contracts		(5	)
Net realized gain from expiration or closing of option contracts and swaptions written		(65	)
Net realized loss from expiration or closing of swap contracts		236
Net cash provided by (used in) operating activities	$	(3,870	)
Cash flows from financing activities:
Payment for shares redeemed		(8,623	)
Proceeds from shares sold		6,436
Cash distributions paid		(92	)
Reverse repurchase agreements		7,433
Net cash provided by (used in) financing activities		5,154
Net increase/(decrease) in cash		1,284
Cash and foreign currency/due to custodian:
Beginning balance		(1,281	)
Ending balance	$	3
Supplemental disclosure
Cash paid for interest	$	22

See Notes to Financial Statements

120

Notes to Financial Statements Alternative Funds^ß (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 of Neuberger Berman Global Allocation Fund ("Global Allocation"), Neuberger Berman Hedged Option Premium Strategy Fund ("Hedged Option Premium Strategy"), Neuberger Berman Long Short Fund ("Long Short"), Neuberger Berman Long Short Credit Fund ("Long Short Credit"), Neuberger Berman Multi-Asset Income Fund ("Multi-Asset Income"), Neuberger Berman Risk Balanced Commodity Strategy Fund ("Risk Balanced Commodity Strategy") and Neuberger Berman U.S. Equity Index PutWrite Strategy Fund ("U.S. Equity Index PutWrite Strategy"), (each individually a "Fund," and collectively, the "Funds") is a separate operating series of the Trust. Under the 1940 Act, the status of a Fund that was registered as non-diversified may, under certain circumstances, change to that of a diversified Fund (Global Allocation, Long Short and Risk Balanced Commodity Strategy became diversified in December 2013, December 2014 and August 2015, respectively). Hedged Option Premium Strategy, Long Short Credit, Multi-Asset Income and U.S. Equity Index PutWrite Strategy are each diversified. Hedged Option Premium Strategy had no operations until April 12, 2017, 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. Hedged Option Premium Strategy, Long Short Credit, Multi-Asset Income and U.S. Equity Index PutWrite Strategy also offer Class R6 shares. The Trust's Board of Trustees (the "Board") may establish additional series or classes of shares without the approval of shareholders.

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

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

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

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

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

As of April 30, 2018, the value of Risk Balanced Commodity Strategy's investment in the RBCS Subsidiary was as follows:

Investment in RBCS Subsidiary				Percentage of Net Assets
$	29,423,330				19.4	%

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

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

3 Portfolio valuation: In accordance with ASC 820 "Fair Value Measurement" ("ASC 820"), all investments held by each of the Funds are carried at the value that Management believes a Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment under current market conditions. Various inputs, including the volume and level of activity for the asset or liability in the market, are considered in valuing the Funds' investments, some of which are discussed below. Significant Management judgment may be necessary to value investments in accordance with ASC 820.

ASC 820 established a three-tier hierarchy of inputs to create a classification of value measurements for disclosure purposes. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below.

• Level 1 – quoted prices in active markets for identical investments

• Level 2 – other observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, amortized cost, etc.)

• Level 3 – unobservable inputs (including 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, convertible preferred stocks, exchange-traded funds, preferred stocks, master limited partnerships and exchange-traded options purchased and options written, for which market quotations are readily available, is generally determined by Management by obtaining valuations from independent pricing services based on the latest sale price quoted on a principal exchange or market for that security (Level 1 inputs). Securities traded primarily on the NASDAQ Stock Market are normally valued at the NASDAQ Official Closing Price ("NOCP") provided by NASDAQ each business day. The NOCP is the most recently reported price as of 4:00:02 p.m., Eastern Time, unless that price is outside the range of the "inside" bid and asked prices (i.e., the bid and asked prices that dealers quote to each other when trading for their own accounts); in that case, NASDAQ will adjust the price to equal the inside bid or asked price, whichever is closer. Because of delays in reporting trades, the NOCP may not be based on the price of the last trade to occur before the market closes. If there is no sale of a security on a particular day, the independent pricing services may value the security based on market quotations.

The value of the Funds' investments for long and short positions in debt securities is determined by Management primarily by obtaining valuations from independent pricing services based on readily available bid or offer quotations, respectively, or if quotations are not available, by methods which include various considerations based on security type (generally Level 2 inputs). In addition to the consideration of yields or prices of securities of comparable quality, coupon, maturity and type, indications as to values from dealers, and general market conditions, the following is a description of other Level 2 inputs and related valuation techniques used by independent pricing services to value certain types of debt securities held by the Funds:

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

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

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

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

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

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

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

The value of futures is determined by Management by obtaining valuations from independent pricing services at the settlement price at the market close (Level 1 inputs).

The value of forward contracts is determined by Management by obtaining valuations from independent pricing services based on actual traded currency rates on independent pricing services' networks, along with other traded and quoted currency rates provided to the pricing services by leading market participants (Level 2 inputs).

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

The value of swaptions is determined by Management by obtaining valuations from independent pricing services using market data and an industry standard model that considers a number of factors, which may include underlying curve/spread data, default-adjusted forward spread, data sources, delta adjustment, volatility skews and skew fallbacks (Level 2 inputs).

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

The value of total return swaps and total return basket swaps is determined by Management by obtaining valuations from independent pricing services using the underlying asset and stated benchmark interest rate (Level 2 inputs).

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

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

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

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security is valued using methods the Board has approved in the good-faith belief that the resulting valuation will reflect the fair value of the security. Numerous factors may be considered when determining the fair value of a security based on Level 2 or Level 3 inputs, including available analyst, media or other reports, securities within the same industry with recent highly correlated performance, trading in futures or American Depositary Receipts and whether the issuer of the security being fair valued has other securities outstanding.

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

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

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

5 Securities transactions and investment income: Securities transactions are recorded on trade date for financial reporting purposes. Dividend income is recorded on the ex-dividend date or, for certain foreign dividends, as soon as a Fund becomes aware of the dividends. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income, including accretion of discount (adjusted for original issue discount, where applicable) and amortization of premium, where applicable, is recorded on the accrual basis. Realized gains and losses from securities transactions and foreign currency transactions, if any, are recorded on the basis of identified cost and stated separately in the Statements of Operations. Included in net realized gain/(loss) on investments are proceeds from the settlements of class action litigation in which Global Allocation participated as a class member. The amounts of such proceeds for the six months ended April 30, 2018 was $365 for Global Allocation.

6 Income tax information: Each Fund is treated as a separate entity for U.S. federal income tax purposes. It is the policy of each Fund to continue to qualify for treatment as 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

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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, 2018, the Funds did not have any unrecognized tax positions.

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

At April 30, 2018, selected Fund information for all long security positions, short security positions and derivative instruments (if any) for U.S. federal income tax purposes was as follows:

(000's omitted)	Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation/ (Depreciation)
Global Allocation	$	20,675	$	1,715	$	723	$	992
Hedged Option Premium Strategy		17,704		7		374		(367	)
Long Short		2,830,720		526,014		90,788		435,226
Long Short Credit		28,957		258		999		(741	)
Multi-Asset Income		25,450		1,279		1,346		(67	)
Risk Balanced Commodity Strategy		149,583		3,482		6,585		(3,103	)
U.S. Equity Index PutWrite Strategy		335,703		404		2,594		(2,190	)

Income distributions and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatments of income and gains on various investment securities held by each Fund, timing differences and differing characterization of distributions made by each Fund. The Funds may also utilize earnings and profits distributed to shareholders on redemption of their shares as a part of the dividends-paid deduction for income tax purposes.

As determined on October 31, 2017, permanent differences resulting primarily from different book and tax accounting were reclassified at year end. Such differences may be attributed to the tax treatment of one or more of the following: net operating loss netted against short term capital gains or written-off, current and prior year partnership basis adjustments, net operating losses, return of capital distributions, non-taxable distributions from real estate investment trusts ("REITs") and other underlying investments, paydown losses on mortgage-backed and asset-backed securities, RBCS Subsidiary income and gain (loss), gains and losses on swap contracts and futures, foreign currency gains and losses, tax adjustments related to short sales gains and losses from forwards, gains and losses from passive foreign investment companies ("PFICs"), non-deductible stock issuance fees, affiliated capital gain reclass to ordinary income, distributions in excess and re-designated, deemed distributions on shareholder redemptions and deflation adjustments on U.S. Treasury inflation-indexed bonds ("TIPs"). These reclassifications had no effect on net income, net asset value ("NAV") or NAV per share of each Fund. For the year ended October 31, 2017, the Funds recorded the following permanent reclassifications:

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	Paid-in Capital			Undistributed Net Investment Income/(Loss)			Accumulated Net Realized Gains/(Losses) on Investments
Global Allocation	$	111,919		$	(75,855	)	$	(36,064	)
Hedged Option Premium Strategy		(2,276	)		2,402			(126	)
Long Short		(7,821,026	)		1,066,836			6,754,190
Long Short Credit		(1,621	)		(58,456	)		60,077
Multi-Asset Income		1,624			(47,087	)		45,463
Risk Balanced Commodity Strategy		3,997,848			75,694			(4,073,542	)
U.S. Equity Index PutWrite Strategy		618,692			1,364			(620,056	)

The tax character of distributions paid during the years ended October 31, 2017 and October 31, 2016 was as follows:

	Distributions Paid From:
	Taxable Income						Long-Term Capital Gain						Return of Capital						Total
	2017			2016			2017			2016			2017			2016			2017			2016
Global Allocation	$	44,404		$	—		$	—		$	43,247		$	—		$	—		$	44,404		$	43,247
Hedged Option Premium Strategy		16,672	^(a)		—			—	^(a)		—			—	^(a)		—			16,672	^(a)		—
Long Short		—			361,261			—			—			—			—			—			361,261
Long Short Credit		1,038,403			633,046			—			—			—			—			1,038,403			633,046
Multi-Asset Income		723,961			489,748			—			—			22,515			149,478			746,476			639,226
Risk Balanced Commodity Strategy		—			—			—			—			—			—			—			—
U.S. Equity Index PutWrite Strategy		473,142			—	^(b)		61,645			—	^(b)		—			—	^(b)		534,787			—	^(b)

(a) Period from April 12, 2017 (Commencement of Operations) to October 31, 2017.

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

As of October 31, 2017, the components of distributable earnings (accumulated losses) on a U.S. federal income tax basis were as follows:

	Undistributed Ordinary Income		Undistributed Long-Term Capital Gain		Unrealized Appreciation/ (Depreciation)			Loss Carryforwards and Deferrals			Other Temporary Differences			Total
Global Allocation	$	532,799	$	368,318	$	1,747,666		$	—		$	(20,347	)	$	2,628,436
Hedged Option Premium Strategy		55,980		70,070		(28,684	)		—			(2,284	)		95,082
Long Short		—		—		421,699,487			(42,465,021	)		(886,714	)		378,347,752
Long Short Credit		10,119		—		59,112			(950,543	)		(19,126	)		(900,438	)
Multi-Asset Income		—		—		1,009,372			(206,079	)		(22,599	)		780,694
Risk Balanced Commodity Strategy		4,516,268		—		(3,751,983	)		(84,076	)		1,613,259			2,293,468
U.S. Equity Index PutWrite Strategy		4,357,866		5,819,643		(586,289	)		—			(4,821	)		9,586,399

The temporary differences between book basis and tax basis distributable earnings are primarily due to: losses disallowed and recognized on wash sales, straddles and unsettled short sales; timing differences of distribution payments, swaps, futures contracts and forward contracts; adjustments related to post-October capital loss and

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late-year ordinary loss deferrals, unamortized organization expenses, mark-to-market adjustments on option contracts and tax adjustments related to REITs, TIPs, PFICs, short sales, partnerships, futures, swap contracts and other investments.

To the extent each Fund's net realized capital gains, if any, can be offset by capital loss carryforwards, it is the policy of each Fund not to distribute such gains. Capital loss carryforward rules allow for regulated investment companies to carry forward capital losses indefinitely and to retain the character of capital loss carryforwards as short-term or long-term. As determined at October 31, 2017, the Funds had unused capital loss carryforwards available for federal income tax purposes to offset net realized capital gains, if any, as follows:

	Capital Loss Carryforwards
	Long-Term		Short-Term
Long Short	$	—	$	35,496,428
Long Short Credit		—		950,543
Multi-Asset Income		—		206,079
Risk Balanced Commodity Strategy		74,165		9,911

Under current tax regulations, capital losses realized on investment transactions after October 31 may be deferred and treated as occurring on the first day of the following fiscal year. Under the Regulated Investment Company Modernization Act of 2010, the Funds may also defer any realized late-year ordinary losses as occurring on the first day of the following fiscal year. Late-year ordinary losses represent ordinary losses realized on investment transactions after December 31 and specified losses (ordinary losses from the sale, exchange, or other disposition of property, net foreign currency losses and net passive foreign investment company mark to market losses) realized on investment transactions after October 31. For the year ended October 31, 2017, Long Short elected to defer the following late-year ordinary losses:

				Late-Year Ordinary Loss Deferral
Long Short				$	6,968,593

During the year ended October 31, 2017, Global Allocation, Long Short, Long Short Credit, Multi-Asset Income and Risk Balanced Commodity Strategy had utilized capital loss carryforwards of $264,367, $26,401,425, $314,125, $361,065 and $14,268, respectively.

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

Foreign capital gains on certain foreign securities may be subject to foreign taxes, which are accrued as applicable. At April 30, 2018, there were no outstanding balances of accrued capital gains taxes for any Fund.

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

It is the policy of each of Long Short and Multi-Asset Income to pass through to its shareholders substantially all REIT distributions and other income it receives, less operating expenses. The distributions received from REITs are generally composed of income, capital gains, and/or return of REIT capital, but the REITs do not report this information to these Funds until the following calendar year. At April 30, 2018, Long Short and Multi-Asset Income estimated these amounts for the period January 1, 2018 to April 30, 2018 within the financial statements because the 2018 information is not available from the REITs until after each Fund's fiscal period. All estimates are based upon REIT information sources available to these Funds together with actual IRS Forms 1099-DIV received to date. For the year ended October 31, 2017, the character of distributions paid to shareholders of Long Short and

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Multi-Asset Income disclosed within the Statements of Changes in Net Assets is based on estimates made at that time. Based on past experience it is possible that a portion of these Funds' distributions during the current fiscal year, if any, will be considered tax return of capital, but the actual amount of the tax return of capital, if any, is not determinable until after each Fund's fiscal year-end. After calendar year-end, when these Funds learn the nature of the distributions paid by REITs during that year, distributions previously identified as income are often recharacterized as return of capital and/or capital gain. After all applicable REITs have informed these Funds of the actual breakdown of distributions paid to these Funds during their fiscal year, estimates previously recorded are adjusted on the books of these Funds to reflect actual results. As a result, the composition of these Funds' distributions as reported herein may differ from the final composition determined after calendar year-end and reported to these Funds shareholders on IRS Form 1099-DIV.

9 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.

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

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

12 Reverse repurchase agreements: In a reverse repurchase agreement, a Fund sells portfolio securities to another party and agrees to repurchase the securities at an agreed-upon price and date, which reflects an interest payment. In periods of increased demand for a security, the Fund may receive a payment from the counterparty for the use of the security, which is recorded as interest income. Reverse repurchase agreements involve the risk that the other party will fail to return the securities in a timely manner, or at all, which may result in losses to a Fund. A Fund could lose money if it is unable to recover the securities and the value of the collateral held by the Fund is less than the value of the securities. Reverse repurchase agreements also involve the risk that the market value of the securities sold will decline below the price at which a Fund is obligated to repurchase them. Reverse repurchase agreements may be viewed as a form of borrowing by a Fund. When the Fund enters into a reverse repurchase agreement, any fluctuations in the market value of either the securities transferred to another party or the

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securities in which the proceeds may be invested would affect the market value of the Fund's assets. During the term of the agreement, the Fund may also be obligated to pledge additional cash and/or securities in the event of a decline in the fair value of the transferred security.

13 Securities sold short: Each Fund may engage in short sales, which are sales of securities which have been borrowed from a third party on the expectation that the market price will decline. If the price of the securities decreases, a Fund will make a profit by purchasing the securities in the open market at a price lower than the one at which it sold the securities. If the price of the securities increases, a Fund may have to cover its short positions at a price higher than the short sale price, resulting in a loss. Gains are limited to the price at which a Fund sold the security short, while losses are potentially unlimited in size. The Funds pledge securities and/or other assets, which may include cash collateral from securities lending activities, to the lender as collateral. Proceeds received from short sales may be maintained by the lender as collateral or may be released to the Funds and used to purchase additional securities or for any other purpose. Proceeds maintained by the lender are included in the "Cash collateral segregated for short sales" on the Statements of Assets and Liabilities. The Funds are required to segregate an amount of cash or liquid securities in an amount at least equal to the current market value of the securities sold short (less any additional collateral pledged to the lender). The Funds are contractually responsible to remit to the lender any dividends and interest payable on securities while those securities are being borrowed by the Fund. The Funds may receive or pay the net of the interest charged by the prime broker on the borrowed securities and a financing charge for the difference in the market value of the short position and the cash collateral deposited with the broker. This income or fee is calculated daily based upon the market value of each borrowed security and a variable rate that is dependent on the availability of the security. These costs related to short sales (i.e., dividend and interest remitted to the lender and interest charged by the prime broker) are recorded as an expense of the Funds and are excluded from the contractual expense limitation. A net negative expense, if any, represents a gain to the Fund as the total cash rebates received exceeded the other costs related to short sales. The net amount of fees incurred during the six months ended April 30, 2018, are included in the "Dividend and interest expense on securities sold short and reverse repurchase agreements" on the Statements of Operations and are as follows:

Long Short

(2,026,579

)

At April 30, 2018, Long Short had cash pledged in the amount of $619,363,183 to State Street Bank and Trust Company ("State Street") to cover collateral requirements for borrowing in connection with securities sold short.

14 Security lending: Each Fund using State Street as its lending agent, may loan securities to qualified brokers and dealers in exchange for negotiated lender's fees. These fees, if any, 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, 2018, the Funds did not participate in securities lending. 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, 2018, the Funds had no outstanding loans of securities.

15 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 that permits the Funds to invest in both affiliated and unaffiliated investment companies, including ETFs, 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. 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

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management fees and other expenses paid by such other investment companies, which will increase expenses and decrease returns.

16 Derivative instruments: Certain of the Funds' use of derivatives during the six months ended April 30, 2018, is described below. Please see the Schedule of Investments for each Fund's open positions in derivatives, if any, at April 30, 2018. The Funds have adopted the provisions of ASC 815 "Derivatives and Hedging" ("ASC 815"). The disclosure requirements of ASC 815 distinguish between derivatives that qualify for hedge accounting and those that do not. Because investment companies value their derivatives at fair value and recognize changes in fair value through the Statements of Operations, they do not qualify for hedge accounting. Accordingly, even though a Fund's investments in derivatives may represent economic hedges, they are considered non-hedge transactions for purposes of this disclosure.

Futures contracts: During the six months ended April 30, 2018, Global Allocation used futures in an effort to enhance total return and to manage or adjust the risk profile and the investment exposure of the Fund to certain asset classes, countries and regions. In addition, Global Allocation also utilized futures to provide investment exposure to certain indices and markets other than the benchmark indices. During the six months ended April 30, 2018, Long Short used futures on broader market indices and U.S. Treasuries in an effort either to enhance returns or to manage or adjust the risk profile and the investment exposure of the Fund. During the six months ended April 30, 2018, Long Short Credit used futures to manage or adjust the risk profile of the Fund or the risk of individual positions, to adjust the duration of the Fund's portfolio, to hedge risk and to alter the Fund's exposure to currencies, interest rates, sectors and individual issuers. During the six months ended April 30, 2018, Multi-Asset Income used futures to enhance total return and to manage or adjust the risk profile and the investment exposure of the Fund to certain asset classes, countries and regions. In addition, Multi-Asset Income also utilized futures to provide investment exposure to certain indices and markets other than the benchmark indices. During the six months ended April 30, 2018, Risk Balanced Commodity Strategy used commodity futures contracts (through investments in the RBCS 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 a Fund or RBCS Subsidiary enters into a futures contract, it is required to deposit with the futures commission merchant a specified amount of cash or liquid securities, known as "initial margin," which is a percentage of the value of the futures contract being traded that is set by the exchange upon which the futures contract is traded. Each day, the futures contract is valued at the official settlement price of the board of trade or U.S. commodity exchange on which such futures contract is traded. Subsequent payments, known as "variation margin," to and from the broker are made on a daily basis, or as needed, as the market price of the futures contract fluctuates. Daily variation margin adjustments, arising from this "mark to market," are recorded by a Fund or RBCS Subsidiary as unrealized gains or losses.

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

For U.S. federal income tax purposes, the futures transactions undertaken by a Fund or RBCS Subsidiary may cause the Fund or RBCS 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 RBCS Subsidiary. Also, a Fund's or RBCS Subsidiary's losses on transactions involving futures contracts may be deferred rather than being taken into account currently in calculating such Fund's or RBCS Subsidiary's taxable income.

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Forward foreign currency contracts: During the six months ended April 30, 2018, Global Allocation used forward contracts to obtain or reduce exposure to certain markets, establish net short or long positions for currencies and alter the Fund's exposure to markets and currencies. During the six months ended April 30, 2018, Long Short Credit used forward contracts to alter the Fund's exposure to currencies, interest rates, sectors and individual issuers. During the six months ended April 30, 2018, Multi-Asset Income used forward contracts to obtain or reduce exposure to certain markets, establish net short or long positions for currencies and alter the Fund's exposure to markets and currencies.

A forward contract is an agreement between two parties to buy or sell a specific currency for another at a set price on a future date, and is individually negotiated and privately traded by currency traders and their customers in the interbank market. The market value of a forward contract fluctuates with changes in forward currency exchange rates. Forward contracts are marked to market daily, and the change in value is recorded by a Fund as an unrealized gain or loss. At the consummation of a forward contract to purchase or sell currency, a Fund may either exchange the currencies specified at the maturity of the forward contract or enter into a closing transaction involving the purchase or sale of an offsetting forward contract. Closing transactions with respect to forward contracts are usually performed with the counterparty to the original forward contract. The gain or loss arising from the difference between the U.S. dollar cost of the original contract and the value of the foreign currency in U.S. dollars upon closing a contract is included in "Net realized gain/(loss) on forward foreign currency contracts" in the Statements of Operations. These contracts may involve market risk in excess of the unrealized gain or loss reflected in a Fund's Statement of Assets and Liabilities. In addition, a Fund could be exposed to risks associated with fluctuations in foreign currency and the risk the counterparty will fail to fulfill its obligation.

Credit default swap contracts: During the six months ended April 30, 2018, Long Short Credit used credit default swaps to replace more traditional direct investments, to establish net short or long positions for individual markets, currencies or securities and to hedge risk. When a Fund is the buyer of an OTC credit default swap contract, it is entitled to receive the notional amount of the swap from the counterparty if a credit event occurs. In return, the Fund pays the counterparty a periodic stream of payments over the term of the contract provided that no credit event has occurred. If no credit event occurs, the Fund would have spent the stream of payments and received no proceeds from the contract. When a Fund is the seller of an OTC credit default swap contract, it receives the stream of payments, but is obligated to pay to the buyer of the protection an amount up to the notional amount of the swap and in certain instances take delivery of securities of the reference entity upon the occurrence of a credit event, as defined under the terms of that particular swap agreement. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring, obligation acceleration and repudiation/moratorium. If a Fund is a seller of protection and a credit event occurs, the maximum potential amount of future payments that the Fund could be required to make (or the risk of loss) would be an amount equal to the notional amount of the agreement. This potential amount would be partially offset by any recovery value of the respective referenced obligation, or net amount received from the settlement of a buy protection credit default swap agreement entered into by the Fund for the same referenced obligation. As the seller, the Fund may add economic leverage to its portfolio because, in addition to its total net assets, the Fund is subject to investment exposure on the notional amount of the swap. The net periodic payments paid or received on the swap contract are accrued daily as a component of unrealized appreciation/(depreciation) and are recorded as realized gain upon receipt or realized loss upon payment. The Fund also records an increase or decrease to unrealized appreciation/(depreciation) in an amount equal to the daily valuation of swaps. For financial reporting purposes, unamortized upfront payments/(receipts), if any, are netted with unrealized appreciation or (depreciation) and net interest received or paid on swap contracts to determine the fair value of swaps.

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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 daily change in valuation is recorded as a receivable or payable for variation margin and settled in cash with the centrally clearing party. For financial reporting purposes, unamortized upfront/(receipts) payments, if any, are netted with unrealized appreciation or (depreciation) and net interest received or paid on swap contracts to determine the fair value of swaps.

Total return basket swap contracts: During the six months ended April 30, 2018, Long Short used total return basket swaps to increase returns, reduce risks and for hedging purposes. During the six months ended April 30, 2018, Long Short Credit used total return basket swaps to replace more traditional direct investments and to hedge risk. Certain Funds may enter into a total return basket swap agreement to obtain exposure to a portfolio of long and short securities. Under the terms of the agreement, the swap is designed to function as a portfolio of direct investments in long and short equity or fixed income positions. The Funds have the ability to trade in and out of long and short positions within the swap and will receive all of the economic benefits and risks equivalent to direct investments in these positions such as: capital appreciation/(depreciation), corporate actions, and dividends and interest received and paid, all of which are reflected in the swap value. The swap value also includes interest charges and credits related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on defined market rates plus or minus a specified spread and are referred to herein as "financing costs". Positions within the swap are reset periodically, and financing costs are reset monthly. During a reset, any unrealized gains/(losses) on positions and accrued financing costs become available for cash settlement between the Funds and the swap counterparty. Cash settlement in and out of the swap may occur at a reset date or any other date, at the discretion of the Funds and the counterparty, over the life of the agreement, and is generally determined based on limits and thresholds established as part of an International Swaps and Derivatives Association (ISDA) agreement between the Funds and the counterparty. A change in the market value of a total return basket swap contract is recognized as a change in unrealized appreciation/(depreciation) on swap contracts in the Statements of Operations. Cash settlements between a Fund and the counterparty are recognized as realized gains/(losses) on swap contracts in the Statements of Operations.

Total return swap contracts: During the six months ended April 30, 2018, Global Allocation used total return swaps to enhance total return and obtain or reduce exposure to certain markets. During the six months ended April 30, 2018, Long Short used total return swaps to increase returns, reduce risks and for hedging purposes. During the six months ended April 30, 2018, Long Short Credit used total return swaps to replace more traditional direct investments and to hedge risk. During the six months ended April 30, 2018, Multi-Asset Income used total return swaps to enhance total return and obtain or reduce exposure to certain markets. 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. For financial reporting purposes, unamortized upfront payments/(receipts), if any, are netted with unrealized appreciation or (depreciation) and net interest received or paid on swap contracts to determine the fair value of swaps, respectively. Certain risks may arise when entering into total return swap transactions, including counterparty default, liquidity or unfavorable changes in the value of the underlying reference security or index. The value of the swap is adjusted daily and the change in value, if any, is recorded as unrealized appreciation or (depreciation) in the Statements of Assets and Liabilities. Payments received or made at the end of each measurement period are recorded as realized gain or loss in the Statements of Operations.

Options: During the six months ended April 30, 2018, Global Allocation used options written to enhance total return, manage or adjust the risk profile of the Fund or the risk of individual positions, replace more traditional direct investments and obtain exposure to certain markets. During the six months ended April 30, 2018, Global Allocation used options purchased to enhance total return, manage or adjust the risk profile of the Fund and

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replace more traditional direct investments. During the six months ended April 30, 2018, Hedged Option Premium Strategy used options written primarily to gain exposure to securities, markets, sectors or geographical areas and also to enhance total return and gain exposure more efficiently than through a direct purchase of the underlying security. During the six months ended April 30, 2018, Hedged Option Premium Strategy used options purchased primarily to hedge exposures to securities, markets, sectors or geographical areas while attempting to limit risk. During the six months ended April 30, 2018, Long Short used options written to generate incremental returns. During the six months ended April 30, 2018, Long Short used options purchased either for hedging purposes or to generate incremental returns. During the six months ended April 30, 2018, Long Short Credit used options written (including swaptions) to establish net short or long positions for individual markets, currencies or securities, hedge risk and alter the Fund's exposure to currencies, interest rates, sectors and individual issuers. During the six months ended April 30, 2018, Long Short Credit used options purchased (including swaptions and options on futures) either for either for hedging purposes or to generate incremental returns. During the six months ended April 30, 2018, Multi-Asset Income used options written to enhance total return, manage or adjust the risk profile of the Fund, and replace more traditional direct investments. During the six months ended April 30, 2018, Multi-Asset Income used options purchased to enhance total return, manage or adjust the risk profile of the Fund, and replace more traditional direct investments. During the six months ended April 30, 2018, U.S. Equity Index PutWrite Strategy used options written primarily to gain exposure to securities, markets, sectors or geographical areas and also to enhance total return and gain exposure more efficiently than through a direct purchase of the underlying security.

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.

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

When a fund writes a call option on an underlying asset it does not own, its exposure on such an option is theoretically unlimited. When writing a covered call option, a Fund, in return for the premium, gives up the opportunity for profit from a price increase in the underlying security above the exercise price, but conversely retains the risk of loss should the price of the security decline. When writing a put option, a Fund, in return for the premium, takes the risk that it must purchase the underlying security at a price that may be higher than the current market price of the security. If a covered call or put option that a Fund has written expires unexercised, a Fund will realize a gain in the amount of the premium. All securities covering outstanding written options are held in escrow by the custodian bank.

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

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

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At April 30, 2018, a Fund had the following derivatives (which did not qualify as hedging instruments under ASC 815), grouped by primary risk exposure:

Asset Derivatives (000's omitted)
Derivative Type	Statements of Assets and Liabilities Location	Interest Rate Risk		Currency Risk		Equity Risk		Credit Risk		Commodity Risk		Total
Global Allocation
Futures	Receivable/Payable for accumulated variation margin on futures contracts	$	1	$	—	$	72	$	—	$	—	$	73
Forward contracts	Receivable for forward foreign currency contracts		—		344		—		—		—		344
OTC swaps	Over-the-counter swap contracts, at value^(a)		—		—		21		—		—		21
Options purchased	Investments in securities, at value		—		—		1		—		—		1
Total Value—Assets		$	1	$	344	$	94	$	—	$	—	$	439
Hedged Option Premium Strategy
Options purchased	Investments in securities, at value	$	—	$	—	$	8	$	—	$	—	$	8
Total Value—Assets		$	—	$	—	$	8	$	—	$	—	$	8
Long Short
Futures	Receivable/Payable for accumulated variation margin on futures contracts	$	15	$	—	$	19,653	$	—	$	—	$	19,668
OTC swaps	Over-the-counter swap contracts, at value^(a)		—		—		3,972		—		—		3,972
Options purchased	Investments in securities, at value		—		—		5,825		—		—		5,825
Total Value—Assets		$	15	$	—	$	29,450	$	—	$	—	$	29,465

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Derivative Type	Statements of Assets and Liabilities Location	Interest Rate Risk		Currency Risk		Equity Risk		Credit Risk		Commodity Risk		Total
Long Short Credit
Futures	Receivable/Payable for accumulated variation margin on futures contracts	$	12	$	—	$	—	$	—	$	—	$	12
Forward contracts	Receivable for forward foreign currency contracts		—		5		—		—		—		5
Centrally cleared swaps	Receivable/Payable for accumulated variation margin on centrally cleared swap contracts^(a)		—		—		—		99		—		99
OTC swaps	Over-the-counter swap contracts, at value^(a)		—		—		27		219		—		246
Swaptions purchased	Investments in securities, at value		—		—		—		4		—		4
Total Value—Assets		$	12	$	5	$	27	$	322	$	—	$	366
Multi-Asset Income
Futures	Receivable/Payable for accumulated variation margin on futures contracts	$	2	$	—	$	80	$	—	$	—	$	82
Forward contracts	Receivable for forward foreign currency contracts		—		341		—		—		—		341
OTC swaps	Over-the-counter swap contracts, at value^(a)		—		—		26		—		—		26
Options purchased	Investments in securities, at value		—		—		1		—		—		1
Total Value—Assets		$	2	$	341	$	107	$	—	$	—	$	450
Risk Balanced Commodity Strategy
Futures	Receivable/Payable for accumulated variation margin on futures contracts	$	—	$	—	$	—	$	—	$	4,956	$	4,956
Total Value—Assets		$	—	$	—	$	—	$	—	$	4,956	$	4,956

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Liability Derivatives (000's omitted)
Derivative Type	Statements of Assets and Liabilities Location	Interest Rate Risk			Currency Risk			Equity Risk			Credit Risk			Commodity Risk		Total
Global Allocation
Futures	Receivable/Payable for accumulated variation margin on futures contracts	$	(29	)	$	—		$	(46	)	$	—		$	—	$	(75	)
Forward contracts	Payable for forward foreign currency contracts		—			(365	)		—			—			—		(365	)
OTC swaps	Over-the-counter swap contracts, at value^(a)		—			—			(36	)		—			—		(36	)
Options written	Option contracts written, at value		—			—			(17	)		—			—		(17	)
Total Value—Liabilities		$	(17	)	$	(365	)	$	(111	)	$	—		$	—	$	(493	)
Hedged Option Premium Strategy
Options written	Option contracts written, at value	$	—		$	—		$	(148	)	$	—		$	—	$	(148	)
Total Value—Liabilities		$	—		$	—		$	(148	)	$	—		$	—	$	(148	)
Long Short
OTC swaps	Over-the-counter swap contracts, at value^(a)	$	—		$	—		$	(3,224	)	$	—		$	—	$	(3,224	)
Options written	Option contracts written, at value		—			—			(7,314	)		—			—		(7,314	)
Total Value—Liabilities		$	—		$	—		$	(10,538	)	$	—		$	—	$	(10,538	)
Long Short Credit
Futures	Receivable/Payable for accumulated variation margin on futures contracts	$	(28	)	$	—		$	—		$	—		$	—	$	(28	)
Forward contracts	Payable for forward foreign currency contracts		—			(0	)^(b)		—			—			—		(0	)^(b)
OTC swaps	Over-the-counter swap contracts, at value^(a)		—			—			(12	)		(150	)		—		(162	)
Total Value—Liabilities		$	(28	)	$	0	^(b)	$	(12	)	$	(150	)	$	—	$	(190	)

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Derivative Type	Statements of Assets and Liabilities Location	Interest Rate Risk			Currency Risk			Equity Risk			Credit Risk		Commodity Risk			Total
Multi-Asset Income
Futures	Receivable/Payable for accumulated variation margin on futures contracts	$	(53	)	$	—		$	(85	)	$	—	$	—		$	(138	)
Forward contracts	Payable for forward foreign currency contracts		—			(364	)		—			—		—			(364	)
OTC swaps	Over-the-counter swap contracts, at value^(a)		—			—			(40	)		—		—			(40	)
Options written	Option contracts written, at value		—			—			(18	)		—		—			(18	)
Total Value—Liabilities		$	(53	)	$	(364	)	$	(143	)	$	—	$	—		$	(560	)
Risk Balanced Commodity Strategy
Futures	Receivable/Payable for accumulated variation margin on futures contracts	$	—		$	—		$	—		$	—	$	(2,066	)	$	(2,066	)
Total Value—Liabilities		$	—		$	—		$	—		$	—	$	(2,066	)	$	(2,066	)
U.S. Equity Index PutWrite Strategy
Options written	Option contracts written, at value	$	—		$	—		$	(4,864	)	$	—	$	—		$	(4,864	)
Total Value—Liabilities		$	—		$	—		$	(4,864	)	$	—	$	—		$	(4,864	)

(a) "Centrally cleared swaps" and "OTC swaps" reflect the cumulative unrealized appreciation/(depreciation) of the centrally cleared swap or OTC swap contracts plus accrued interest as of April 30, 2018, which are reflected in the Statements of Assets and Liabilities under the captions "Receivable/Payable for accumulated variation margin on centrally cleared swap contracts" and "OTC swap contracts, at value", respectively.

(b) Amount less than one thousand.

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The impact of the use of these derivative instruments on the Statements of Operations during the six months ended April 30, 2018, was as follows:

Realized Gain/(Loss) (000's omitted)
Derivative Type	Statements of Operations Location	Interest Rate Risk		Currency Risk		Equity Risk			Credit Risk		Commodity Risk		Total
Global Allocation
Futures	Net realized gain/(loss) on: expiration or closing of futures contracts	$	15	$	1	$	48		$	—	$	—	$	64
Forward contracts	Net realized gain/(loss) on: settlement of forward foreign currency contracts		—		38		—			—		—		38
Swaps	Net realized gain/(loss) on: expiration or closing of swap contracts		—		—		15			—		—		15
Options purchased	Net realized gain/(loss) on: sales of investment securities of unaffiliated issuers		—		—		(15	)		—		—		(15	)
Options written	Net realized gain/(loss) on: expiration or closing of option contracts and swaptions written		—		—		(55	)		—		—		(55	)
Total Realized Gain/(Loss)		$	15	$	39	$	(7	)	$	—	$	—	$	47
Hedged Option Premium Strategy
Options purchased	Net realized gain/(loss) on: sales of investment securities of unaffiliated issuers	$	—	$	—	$	(170	)	$	—	$	—	$	(170	)
Options written	Net realized gain/(loss) on: expiration or closing of option contracts and swaptions written		—		—		(438	)		—		—		(438	)
Total Realized Gain/(Loss)		$	—	$	—	$	(608	)	$	—	$	—	$	(608	)

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Derivative Type	Statements of Operations Location	Interest Rate Risk		Currency Risk			Equity Risk			Credit Risk			Commodity Risk		Total
Long Short
Futures	Net realized gain/(loss) on: expiration or closing of futures contracts	$	486	$	—		$	(54,466	)	$	—		$	—	$	(53,980	)
Swaps	Net realized gain/(loss) on: expiration or closing of swap contracts		—		—			(12,956	)		—			—		(12,956	)
Options purchased	Net realized gain/(loss) on: sales of investment securities of unaffiliated issuers		—		—			11,937			—			—		11,937
Options written	Net realized gain/(loss) on: expiration or closing of option contracts and swaptions written		—		—			11,198			—			—		11,198
Total Realized Gain/(Loss)		$	486	$	—		$	(44,287	)	$	—		$	—	$	(43,801	)
Long Short Credit
Futures	Net realized gain/(loss) on: expiration or closing of futures contracts	$	5	$	—		$	—		$	—		$	—	$	5
Forward contracts	Net realized gain/(loss) on: settlement of forward foreign currency contracts		—		(6	)		—			—			—		(6	)
Swaps	Net realized gain/(loss) on: expiration or closing of swap contracts		—		—			88			(324	)		—		(236	)
Options and swaptions purchased	Net realized gain/(loss) on: transactions in investment securities of unaffiliated issuers		—		—			36			—			—		36
Options and swaptions written	Net realized gain/(loss) on: expiration or closing of option contracts and swaptions written		—		—			65			—			—		65
Total Realized Gain/(Loss)		$	5	$	(6	)	$	189		$	(324	)	$	—	$	(136	)

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Derivative Type	Statements of Operations Location	Interest Rate Risk		Currency Risk			Equity Risk			Credit Risk		Commodity Risk		Total
Multi-Asset Income
Futures	Net realized gain/(loss) on: expiration or closing of futures contracts	$	71	$	(3	)	$	88		$	—	$	—	$	156
Forward contracts	Net realized gain/(loss) on: settlement of forward foreign currency contracts		—		19			—			—		—		19
Swaps	Net realized gain/(loss) on: expiration or closing of swap contracts		—		—			31			—		—		31
Options purchased	Net realized gain/(loss) on: sales of investment securities of unaffiliated issuers		—		—			(15	)		—		—		(15	)
Options written	Net realized gain/(loss) on: expiration or closing of option contracts and swaptions written		—		—			(65	)		—		—		(65	)
Total Realized Gain/(Loss)		$	71	$	16		$	39		$	—	$	—	$	126
Risk Balanced Commodity Strategy
Futures	Net realized gain/(loss) on: expiration or closing of futures contracts	$	—	$	—		$	—		$	—	$	9,250	$	9,250
Total Realized Gain/(Loss)		$	—	$	—		$	—		$	—	$	9,250	$	9,250
U.S. Equity Index PutWrite Strategy
Options written	Net realized gain/(loss) on: expiration or closing of option contracts and swaptions written	$	—	$	—		$	(2,291	)	$	—	$	—	$	(2,291	)
Total Realized Gain/(Loss)		$	—	$	—		$	(2,291	)	$	—	$	—	$	(2,291	)

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Change in Appreciation/(Depreciation) (000's omitted)
Derivative Type	Statements of Operations Location	Interest Rate Risk		Currency Risk			Equity Risk			Credit Risk		Commodity Risk		Total
Global Allocation
Futures	Change in net unrealized appreciation/(depreciation) in value of: futures contracts	$	5	$	6		$	(21	)	$	—	$	—	$	(10	)
Forward contracts	Change in net unrealized appreciation/(depreciation) in value of: forward foreign currency contracts		—		(36	)		—			—		—		(36	)
Swaps	Change in net unrealized appreciation/(depreciation) in value of: swap contracts		—		—			(5	)		—		—		(5	)
Options purchased	Change in net unrealized appreciation/(depreciation) in value of: investment securities of unaffiliated issuers		—		—			(1	)		—		—		(1	)
Options written	Change in net unrealized appreciation/(depreciation) in value of: option contracts and swaptions written		—		—			7			—		—		7
Total Change in Appreciation/ (Depreciation)		$	5	$	(30	)	$	(20	)	$	—	$	—	$	(45	)
Hedged Option Premium Strategy
Options purchased	Change in net unrealized appreciation/(depreciation) in value of: investment securities of unaffiliated issuers	$	—	$	—		$	(9	)	$	—	$	—	$	(9	)
Options written	Change in net unrealized appreciation/(depreciation) in value of: option contracts and swaptions written		—		—			90			—		—		90
Total Change in Appreciation/ (Depreciation)		$	—	$	—		$	81		$	—	$	—	$	81

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Derivative Type	Statements of Operations Location	Interest Rate Risk			Currency Risk		Equity Risk			Credit Risk			Commodity Risk		Total
Long Short
Futures	Change in net unrealized appreciation/(depreciation) in value of: futures contracts	$	(161	)	$	—	$	40,189		$	—		$	—	$	40,028
Swaps	Change in net unrealized appreciation/(depreciation) in value of: swap contracts		—			—		2,938			—			—		2,938
Options purchased	Change in net unrealized appreciation/(depreciation) in value of: investment securities of unaffiliated issuers		—			—		411			—			—		411
Options written	Change in net unrealized appreciation/(depreciation) in value of: option contracts and swaptions written		—			—		4,411			—			—		4,411
Total Change in Appreciation/ (Depreciation)		$	(161	)	$	—	$	47,949		$	—		$	—	$	47,788
Long Short Credit
Futures	Change in net unrealized appreciation/(depreciation) in value of: futures contracts	$	(5	)	$	—	$	—		$	—		$	—	$	(5	)
Forward contracts	Change in net unrealized appreciation/(depreciation) in value of: forward foreign currency contracts		—			4		—			—			—		4
Swaps	Change in net unrealized appreciation/(depreciation) in value of: swap contracts		—			—		—			(1	)		—		(1	)
Options purchased	Change in net unrealized appreciation/(depreciation) in value of: investment securities of unaffiliated issuers							(12	)							(12	)
Total Change in Appreciation/ (Depreciation)		$	(5	)	$	4	$	(12	)	$	(1	)	$	—	$	(14	)

142

Derivative Type	Statements of Operations Location	Interest Rate Risk			Currency Risk			Equity Risk			Credit Risk		Commodity Risk		Total
Multi-Asset Income
Futures	Change in net unrealized appreciation/(depreciation) in value of: futures contracts	$	(38	)	$	7		$	(49	)	$	—	$	—	$	(80	)
Forward contracts	Change in net unrealized appreciation/(depreciation) in value of: forward foreign currency contracts		—			(32	)		—			—		—		(32	)
Swaps	Change in net unrealized appreciation/(depreciation) in value of: swap contracts		—			—			(16	)		—		—		(16	)
Options purchased	Change in net unrealized appreciation/(depreciation) in value of: investment securities of unaffiliated issuers		—			—			(1	)		—		—		(1	)
Options written	Change in net unrealized appreciation/(depreciation) in value of: option contracts and swaptions written		—			—			7			—		—		7
Total Change in Appreciation/ (Depreciation)		$	(38	)	$	(25	)	$	(59	)	$	—	$	—	$	(122	)
Risk Balanced Commodity Strategy
Futures	Change in net unrealized appreciation/(depreciation) in value of: futures contracts	$	—		$	—		$	—		$	—	$	644	$	644
Total Change in Appreciation/ (Depreciation)		$	—		$	—		$	—		$	—	$	644	$	644
U.S. Equity Index PutWrite Strategy
Options written	Change in net unrealized appreciation/(depreciation) in value of: option contracts and swaptions written	$	—		$	—		$	(71	)	$	—	$	—	$	(71	)
Total Change in Appreciation/ (Depreciation)		$	—		$	—		$	(71	)	$	—	$	—	$	(71	)

143

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

The Funds adopted the provisions of Accounting Standards Update ("ASU") 2011-11 Disclosures about Offsetting Assets and Liabilities ("ASU 2011-11"). ASU 2011-11 is intended to enhance disclosure requirements on the offsetting of financial assets and liabilities. Pursuant to ASU 2011-11, an entity is required to disclose both gross and net information for assets and liabilities related to derivatives, repurchase and reverse repurchase agreements, and securities lending and securities borrowing transactions that are eligible for offset or subject to an enforceable master netting or similar agreement. ASU 2011-11 is applicable to the Funds, except Hedged Option Premium Strategy, Risk Balanced Commodity Strategy and U.S. Equity Index PutWrite Strategy, at April 30, 2018. The Funds' derivative assets and liabilities at fair value by type are reported gross in the Statements of Assets and Liabilities. The following tables present derivative assets and liabilities by counterparty, net of amounts available for offset under a master netting or similar agreement and net of the related collateral received by a Fund for assets and pledged by a Fund for liabilities as of April 30, 2018.

Description (000's omitted)	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	$	344	$	—	$	344
OTC Swaps		21		—		21
Total	$	365	$	—	$	365
Long Short
Swap contracts	$	3,972	$	—	$	3,972
Total	$	3,972	$	—	$	3,972
Long Short Credit
Forward contracts	$	5	$	—	$	5
OTC swaps		246		—		246
Total	$	251	$	—	$	251
Multi-Asset Income
Forward contracts	$	341	$	—	$	341
OTC Swaps		26		—		26
Total	$	367	$	—	$	367

Gross Amounts Not Offset in the Statements of Assets and Liabilities

Counterparty (000's omitted)	Net Amounts of Assets Presented in the Statements of Assets and Liabilities		Liabilities Available for Offset			Cash Collateral Received^(a)		Net Amount^(b)
Global Allocation
Citibank N.A.	$	49	$	(49	)	$	—	$	—
Goldman Sachs International		50		(50	)		—		—
JPMorgan Chase Bank N.A.		46		(46	)		—		—
Royal Bank of Canada		19		(19	)		—		—
Societe Generale		52		(35	)		—		17
Standard Charterd Bank		19		(19	)		—		—
State Street Bank and Trust Company		130		(91	)		—		39
Total	$	365	$	(309	)	$	—	$	56

144

Gross Amounts Not Offset in the Statements of Assets and Liabilities

Counterparty (000's omitted)	Net Amounts of Assets Presented in the Statements of Assets and Liabilities		Liabilities Available for Offset			Cash Collateral Received^(a)		Net Amount^(b)
Long Short
Citibank N.A.	$	3,894	$	(639	)	$	—	$	3,255
Goldman Sachs International		78		(78	)		—		—
Total	$	3,972	$	(717	)	$	—	$	3,255
Long Short Credit
BNP Paribas SA	$	105	$	(38	)	$	—	$	67
Citibank N.A.		49		(15	)		—		34
Goldman Sachs International		97		(62	)		—		35
Total	$	251	$	(115	)	$	—	$	136
Multi-Asset Income
Citibank N.A.	$	49	$	(49	)	$	—	$	—
Goldman Sachs International		51		(51	)		—		—
JPMorgan Chase Bank N.A.		75		(75	)		—		—
Royal Bank of Canada		15		(15	)		—		—
Societe Generale		39		(28	)		—		11
Standard Charterd Bank		20		(20	)		—		—
State Street Bank and Trust Company		118		(93	)		—		25
Total	$	367	$	(331	)	$	—	$	36

Description (000's omitted)	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	$	(365	)	$	—	$	(365	)
OTC Swaps		(36	)		—		(36	)
Total	$	(401	)	$	—	$	(401	)
Long Short
OTC swaps	$	(3,224	)	$	—	$	(3,224	)
OTC options		(242	)		—		(242	)
Total	$	(3,466	)	$	—	$	(3,466	)
Long Short Credit
Forward contracts	$	(0	)^(d)	$	—	$	(0	)^(d)
OTC swaps		(162	)		—		(162	)
Total	$	(162	)	$	—	$	(162	)
Multi-Asset Income
Forward contracts	$	(364	)	$	—		(364	)
OTC Swaps		(40	)		—		(40	)
Total	$	(404	)	$	—	$	(404	)

145

Gross Amounts Not Offset in the Statements of Assets and Liabilities

Counterparty (000's omitted)	Net Amounts of Liabilities Presented in the Statements of Assets and Liabilities			Assets Available for Offset		Cash Collateral Pledged^(a)		Net Amount^(c)
Global Allocation
Citibank N.A.	$	(61	)	$	49	$	—	$	(12	)
Goldman Sachs International		(70	)		50		—		(20	)
JPMorgan Chase Bank N.A.		(81	)		46		—		(35	)
Royal Bank of Canada		(42	)		19		—		(23	)
Societe Generale		(35	)		35		—		—
Standard Charterd Bank		(21	)		19		—		(2	)
State Street Bank and Trust Company		(91	)		91		—		—
Total	$	(401	)	$	309	$	—	$	(92	)
Long Short
Citibank N.A.	$	(639	)	$	639	$	—	$	—
Goldman Sachs International		(2,827	)		78		2,749		—
Total	$	(3,466	)	$	717	$	2,749	$	—
Long Short Credit
Bank of America, N.A.	$	(47	)	$	—	$	—	$	(47	)
BNP Paribas SA		(38	)		38		—		—
Citibank N.A.		(15	)		15		—		—
Goldman Sachs International		(62	)		62		—		—
Total	$	(162	)	$	115	$	—	$	(47	)
Multi-Asset Income
Citibank N.A.	$	(72	)	$	49	$	—	$	(23	)
Goldman Sachs International		(64	)		51		—		(13	)
JPMorgan Chase Bank N.A.		(90	)		75		—		(15	)
Royal Bank of Canada		(34	)		15		—		(19	)
Societe Generale		(28	)		28		—		—
Standard Charterd Bank		(23	)		20		—		(3	)
State Street Bank and Trust Company		(93	)		93		—		—
Total	$	(404	)	$	331	$	—	$	(73	)

(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, 2018, in the event of a counterparty failure.

(d) Amount less than one thousand.

Reverse repurchase agreements entered into by a Fund are subject to Master Repurchase Agreements ("MRA") or Global Master Repurchase Agreement ("GMRA"), as applicable, (MRA and GMRA collectively, "Repos"), which permit the Fund, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under Repos with collateral held and/or posted to the counterparty and create one single net payment due to or from the Fund.

146

The following table presents Long Short Credit's reverse repurchase agreements net of amounts available for offset under Repos and net of the related collateral received and/or pledged by the Fund as of April 30, 2018.

Counterparty (000's omitted)	Reverse Repurchase Agreements			Assets Available for Offset		Cash Collateral Pledged^(a)		Securities Collateral Pledged^(a)		Net Amount^(b)
Citigroup Global Markets, Inc.	$	(2,368	)	$	—	$	76	$	2,292	$	—
Nomura Securities International Inc.		(5,096	)		—		—		5,096		—
Total	$	(7,464	)	$	—	$	76	$	7,388	$	—

(a) In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.

(b) Net amount represents the net amount payable to the counterparty in the event of default.

17 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.

18 Transactions with other funds managed by Neuberger Berman Investment Advisers LLC: Neuberger Berman Alternative Funds and Management have obtained an exemptive order from the SEC that permits the Funds to invest in both affiliated and unaffiliated investment companies, including exchange-traded funds, in excess of the limits in Section 12(d)(1)(A) of the 1940 Act, subject to the terms and conditions of such order. Through April 30, 2018, Global Allocation invested in Neuberger Berman Emerging Markets Debt Fund, Neuberger Berman Emerging Markets Equity Fund, Neuberger Berman Floating Rate Income Fund, Neuberger Berman Genesis Fund, Neuberger Berman High Income Bond Fund, Neuberger Berman International Select Fund, Long Short Credit, Risk Balanced Commodity Strategy and U.S. Equity Index PutWrite Strategy (collectively the "Underlying Funds"). Through April 30, 2018, Multi-Asset Income invested in Neuberger Berman Emerging Markets Debt Fund, Neuberger Berman Floating Rate Income Fund, Neuberger Berman High Income Bond Fund and Long Short Credit (collectively the "Underlying Funds") (See Note F).

For the Funds' investments in the Underlying Funds, Management waived a portion of its management fee equal to the management fee it received from the Underlying Funds on those assets (the "Arrangement"). For the six months ended April 30, 2018, management fees waived under this Arrangement are reflected in the Statements of Operations under the caption "Investment management fees waived." For the six months ended April 30, 2018, distributions from income and capital gains received from the Underlying Funds on Global Allocation's and Multi-Asset Income's investments is reflected in the Statements of Operations under the captions "Dividend income-affiliated issuers" and "Realized gain distributions from affiliated issuers". For the six months ended April 30, 2018, management fees waived under this Arrangement and distributions from income and capital gains received from Global Allocation's and Multi-Asset Income's investments in the Underlying Funds were as follows:

			Distributions from Income
	Management Fees Waived		and Capital Gains
Global Allocation	$	32,133	$	371,353
Multi-Asset Income		12,892		120,498

147

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

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

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

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

	First $250 million			Next $250 million			Next $250 million			Next $250 million			Next $500 million			Next $500 million			Next $2 billion			Thereafter
For Global Allocation:^(b)
		0.55	%		0.55	%		0.55	%		0.55	%		0.525	%		0.525	%		0.50	%		0.50	%
For Long Short:
		1.20	%		1.175	%		1.15	%		1.125	%		1.10	%		1.075	%		1.075	%		1.05	%
For Long Short Credit:^(c)
		0.55	%		0.55	%		0.55	%		0.55	%		0.55	%		0.55	%		0.55	%		0.55	%
For Multi-Asset Income:
		0.45	%		0.425	%		0.40	%		0.375	%		0.35	%		0.325	%		0.325	%		0.30	%
For Risk Balanced Commodity Strategy and RBCS Subsidiary:^(d)
		0.50	%		0.475	%		0.45	%		0.425	%		0.40	%		0.375	%		0.375	%		0.35	%
For Hedged Option Premium Strategy:
		0.45	%		0.45	%		0.45	%		0.45	%		0.45	%		0.45	%		0.45	%		0.45	%
For U.S. Equity Index PutWrite Strategy:
		0.45	%		0.45	%		0.45	%		0.45	%		0.45	%		0.45	%		0.45	%		0.45	%

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

(b) 0.65% 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 prior to February 28, 2017.

(d) 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 prior to February 28, 2017.

Accordingly, for the six months ended April 30, 2018, the investment management fee pursuant to the Management Agreement was equivalent to an annual effective rate of each Fund's average daily net assets^(a), as follows:

	Effective Rate
Global Allocation		0.24	%
Long Short		1.11	%
Multi-Asset Income		0.34	%
Risk Balanced Commodity Strategy		0.50	%
RBCS Subsidiary		0.50	%

148

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

Each Fund retains Management as its administrator under an Administration Agreement. Prior to July 1, 2017, each Fund paid Management an administration fee at the annual rate of 0.06% of its average daily net assets under this agreement in addition to an annual fee for certain class level services (specifically, 0.20% for each of Class A and Class C of each of Global Allocation, Hedged Option Premium Strategy, Long Short, Risk Balanced Commodity Strategy and U.S. Equity Index PutWrite Strategy; 0.21% for each of Class A and Class C of each of Long Short Credit and Multi-Asset Income; 0.09% for Institutional Class and 0.02% for Class R6, each as a percentage of average daily net assets). Effective July 1, 2017, the administration fee is assessed at the Class level and as such each share class of a Fund, as applicable, pays Management an annual administration fee equal to the following: 0.26% for each of Class A and Class C of each of Global Allocation, Hedged Option Premium Strategy, Long Short, Risk Balanced Commodity Strategy and U.S. Equity Index PutWrite Strategy; 0.27% for each of Class A and Class C of each of Long Short Credit and Multi-Asset Income; 0.15% for Institutional Class; and 0.08% for Class R6, each as a percentage of its average daily net assets. This did not result in an increase in any administration expense for any Fund or share class. 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 Sub-Administration 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 exclude interest, taxes, brokerage commissions, acquired fund fees and expenses, extraordinary expenses, and dividend and interest expenses relating to short sales, if any (commitment fees relating to borrowings are treated as interest for purposes of this exclusion) ("annual operating expenses"); consequently, net expenses may exceed the contractual expense limitations. Each Fund has agreed that each of its respective classes will repay Management for fees and expenses waived or reimbursed for that class provided that repayment does not cause that class' annual operating expenses to exceed its contractual expense limitation in place at the time the fees and expenses were waived or reimbursed, or the expense limitation in place at the time the Fund repays Management, whichever is lower. Any such repayment must be made within three years after the year in which Management incurred the expense. The expenses of the RBCS Subsidiary are included in the total expenses used to calculate the reimbursement, which Risk Balanced Commodity Strategy has agreed to share with the RBCS Subsidiary. For the six months ended April 30, 2018, these RBCS Subsidiary expenses amounted to $118,065.

During the six months ended April 30, 2018, there was no repayment to Management under these agreements.

At April 30, 2018, contingent liabilities to Management under the agreements were as follows:

					Expenses Reimbursed In Year Ended October 31,
					2015		2016		2017			2018
					Subject to Repayment until October 31,
Class	Contractual Expense Limitation^(a)			Expiration	2018		2019		2020			2021
Global Allocation Institutional Class		0.75	%^(b)	10/31/21	$	218,863	$	249,350	$	346,296		$	167,311
Global Allocation Class A		1.11	%^(b)	10/31/21		186,931		182,783		131,054			45,951
Global Allocation Class C		1.86	%^(b)	10/31/21		141,948		149,577		110,994			35,832
Hedged Option Premium Strategy Institutional Class		0.65	%	10/31/21		—		—		163,736	^(c)		154,022
Hedged Option Premium Strategy Class A		1.01	%	10/31/21		—		—		1,070	^(c)		325

149

					Expenses Reimbursed In Year Ended October 31,
					2015			2016			2017			2018
					Subject to Repayment until October 31,
Class	Contractual Expense Limitation^(a)			Expiration	2018			2019			2020			2021
Hedged Option Premium Strategy Class C		1.76	%	10/31/21	$	—		$	—		$	1,213	^(c)	$	437
Hedged Option Premium Strategy Class R6		0.58	%	10/31/21		—			—			80,469	^(c)		22,081
Long Short Institutional Class		1.70	%	10/31/21		—			—			—			—
Long Short Class A		2.06	%	10/31/21		—			—			—			—
Long Short Class C		2.81	%	10/31/21		—			—			—			—
Long Short Credit Institutional Class		0.75	%^(d)(e)	10/31/21		189,647	^(f)		283,260			178,900			90,981
Long Short Credit Class A		1.12	%^(d)(e)	10/31/21		11,941	^(f)		14,957			28,780			17,734
Long Short Credit Class C		1.87	%^(d)(e)	10/31/21		11,651	^(f)		10,932			10,218			6,262
Long Short Credit Class R6		0.68	%^(d)(e)	10/31/21		51,813	^(f)		56,434			63,573			31,099
Multi-Asset Income Institutional Class		0.65	%^(g)	10/31/21		211,942	^(h)		349,252			372,208			170,966
Multi-Asset Income Class A		1.02	%^(g)	10/31/21		11,183	^(h)		16,514			14,267			6,695
Multi-Asset Income Class C		1.77	%^(g)	10/31/21		11,072	^(h)		15,614			16,358			7,012
Multi-Asset Income Class R6		0.58	%^(g)	10/31/21		77,569	^(h)		119,681			94,517			38,982
Risk Balanced Commodity Strategy Institutional Class		0.73	%⁽ⁱ⁾	10/31/21		93,942			171,296			211,468			128,333
Risk Balanced Commodity Strategy Class A		1.09	%⁽ⁱ⁾	10/31/21		209,027			150,132			131,093			65,091
Risk Balanced Commodity Strategy Class C		1.84	%⁽ⁱ⁾	10/31/21		17,483			7,166			545			186
U.S. Equity Index PutWrite Strategy Institutional Class		0.65	%	10/31/21		—			154,906	^(i)(j)		290,602			122,552
U.S. Equity Index PutWrite Strategy Class A		1.01	%	10/31/21		—			2,299	^(j)		6,844			3,660
U.S. Equity Index PutWrite Strategy Class C		1.76	%	10/31/21		—			912	^(j)		628			564
U.S. Equity Index PutWrite Strategy Class R6		0.58	%	10/31/21		—			46,827	^(j)		31,856			9,426

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

(b) Prior to February 28, 2017, the contractual expense limitation was 0.90% for Institutional Class, 1.26% for Class A and 2.01% for Class C.

(d) In addition, Management voluntarily waived its fees as necessary to maintain a minimum yield for Long Short Credit from June 29, 2015 to July 2, 2015, for Institutional Class, Class A, Class C and Class R6. For the period ended October 31, 2015, voluntary reimbursements for Institutional Class, Class A, Class C and Class R6 of Long

150

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

(e) Prior to February 28, 2018, the contractual expense limitation was 1.20% for Institutional Class, 1.57% for Class A, 2.32% for Class C and 1.13% for Class R6.

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

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

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

(i) Prior to February 28, 2017, the contractual expense limitation was 1.10% for Institutional Class, 1.46% for Class A and 2.21% for Class C.

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

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

However, the Distributor 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, the Distributor's activities and expenses related to the sale and distribution of these classes, and ongoing services provided to investors in these classes, the Distributor 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. The Distributor receives this amount to provide distribution and shareholder servicing for these classes and pays a portion of it to institutions that provide such services. Those institutions may use the payments for, among other purposes, compensating employees engaged in sales and/or shareholder servicing. The amount of fees paid by each class during any year may be more or less than the cost of distribution and other services provided to that class. FINRA rules limit the amount of annual distribution fees that may be paid by a mutual fund and impose a ceiling on the cumulative distribution fees paid. The Trust's Plans comply with those rules.

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

151

For the six months ended April 30, 2018, Neuberger Berman, acting as underwriter and broker-dealer, received net initial sales charges from the purchase of Class A shares and CDSCs from the redemption of Class A and Class C shares as follows:

	Underwriter				Broker-Dealer
	Net Initial Sales Charge		CDSC		Net Initial Sales Charge		CDSC
Global Allocation Class A	$	300	$	—	$	—	$	—
Global Allocation Class C		—		36		—		—
Hedged Option Premium Strategy Class A		—		—		—		—
Hedged Option Premium Strategy Class C		—		—		—		—
Long Short Class A		17,090		—		—		—
Long Short Class C		—		787		—		—
Long Short Credit Class A		85		—		—		—
Long Short Credit Class C		—		—		—		—
Multi-Asset Income Class A		2		—		—		—
Multi-Asset Income Class C		—		—		—		—
Risk Balanced Commodity Strategy Class A		150		—		—		—
Risk Balanced Commodity Strategy Class C		—		—		—		—
U.S. Equity Index PutWrite Strategy Class A		6,776		—		—		—
U.S. Equity Index PutWrite Strategy Class C		—		—		—		—

For the year ended October 31, 2017, Long Short recorded a capital contribution from Management in the amount of $37,124. This amount was paid in connection with losses incurred in the execution of trades.

Note C—Securities Transactions:

During the six months ended April 30, 2018, there were purchase and sale transactions of long-term securities (excluding swaps, futures, forward contracts, swaptions and option contracts) as follows:

(000's omitted)	Purchases of U.S. Government and Agency Obligations		Purchases excluding U.S. Government and Agency Obligations		Securities Sold Short		Sales and Maturities of U.S. Government and Agency Obligations		Sales and Maturities excluding U.S. Government and Agency Obligations		Covers on Securities Sold Short
Global Allocation	$	8,872	$	6,126	$	—	$	8,660	$	6,472	$	—
Hedged Option Premium Strategy		5,686		—		—		—		—		—
Long Short		—		1,233,820		411,581		—		925,376		414,768
Long Short Credit		—		16,883		—		—		13,967		—
Multi-Asset Income		17,358		9,474		—		17,689		7,866		—

152

(000's omitted)	Purchases of U.S. Government and Agency Obligations		Purchases excluding U.S. Government and Agency Obligations		Securities Sold Short		Sales and Maturities of U.S. Government and Agency Obligations		Sales and Maturities excluding U.S. Government and Agency Obligations		Covers on Securities Sold Short
Risk Balanced Commodity Strategy	$	—	$	62,306	$	—	$	—	$	43,887	$	—
U.S. Equity Index PutWrite Strategy		136,889		—		—		10,700		—		—

During the six months ended April 30, 2018, 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, 2018 and for the year ended October 31, 2017 was as follows:

	For the Six Months Ended April 30, 2018												For the Year Ended October 31, 2017
(000's omitted)	Shares Sold			Shares Issued on Reinvestment of Dividends and Distributions			Shares Redeemed			Total			Shares Sold		Shares Issued on Reinvestment of Dividends and Distributions			Shares Redeemed			Total
Global Allocation
Institutional Class		282			59			(233	)		108			615		4			(441	)		178
Class A		11			16			(64	)		(37	)		123		—			(373	)		(250	)
Class C		0	^(b)		11			(40	)		(29	)		20		—			(211	)		(191	)
Hedged Option Premium Strategy Fund
Institutional Class		422			6			(121	)		307			337		0	^(b)		(0	)^(b)		337	^(a)
Class A		—			—			—			—			1		—			—			1	^(a)
Class C		—			0	^(b)		—			0	^(b)		1		—			—			1	^(a)
Class R6		—			—			—			—			78		—			—			78	^(a)
Long Short
Institutional Class		41,364			—			(24,619	)		16,745			88,065		—			(50,080	)		37,985
Class A		1,179			—			(2,660	)		(1,481	)		3,529		—			(9,532	)		(6,003	)
Class C		322			—			(878	)		(556	)		688		—			(3,428	)		(2,740	)
Long Short Credit
Institutional Class		541			26			(585	)		(18	)		522		69			(1,312	)		(721	)
Class A		117			2			(212	)		(93	)		224		7			(22	)		209
Class C		17			0	^(b)		(0	)^(b)		17			2		0	^(b)		(1	)		1
Class R6		2			2			(111	)		(107	)		23		6			(49	)		(20	)

153

	For the Six Months Ended April 30, 2018											For the Year Ended October 31, 2017
(000's omitted)	Shares Sold		Shares Issued on Reinvestment of Dividends and Distributions			Shares Redeemed			Total			Shares Sold		Shares Issued on Reinvestment of Dividends and Distributions			Shares Redeemed			Total
Multi-Asset Income
Institutional Class		160		40			(87	)		113			553		57			(198	)		412
Class A		20		0	^(b)		(0	)^(b)		20			1		0	^(b)		(1	)		0	^(b)
Class C		—		0	^(b)		(0	)^(b)		0	^(b)		6		0	^(b)		(1	)		5
Class R6		—		—			—			—			—		5			(3	)		2
Risk Balanced Commodity Strategy
Institutional Class		2,837		516			(707	)		2,646			7,424		—			(2,530	)		4,894
Class A		685		249			(350	)		584			2,710		—			(1,568	)		1,142
Class C		1		0	^(b)		—			1			—		—			(10	)		(10	)
U.S. Equity Index PutWrite Strategy
Institutional Class		17,393		870			(2,830	)		15,433			12,745		43			(1,475	)		11,313
Class A		309		26			(74	)		261			364		0	^(b)		(46	)		318
Class C		45		3			(0	)^(b)		48			36		0	^(b)		—			36
Class R6		855		79			(343	)		591			998		5			(401	)		602

(a) Period from April 12, 2017 (Commencement of Operations) to October 31, 2017.

(b) A zero balance reflects actual amounts rounding to less than one thousand.

Note E—Line of Credit:

At April 30, 2018, each Fund was a participant in a syndicated committed, unsecured $700,000,000 line of credit (the "Credit Facility"), to be used only for temporary or emergency purposes. Series of other investment companies managed by Management also participate in this line of credit on substantially the same terms. Interest is charged on borrowings under this Credit Facility at the highest of (a) a federal funds effective rate plus 1.00% per annum, (b) a Eurodollar rate for a one-month period plus 1.00% per annum, and (c) an overnight bank funding rate plus 1.00% per annum. The Credit Facility has an annual commitment fee of 0.15% per annum of the available line of credit, which is paid quarterly. Each Fund has agreed to pay its pro rata share of the annual commitment fee, based on the ratio of its individual net assets to the net assets of all participants at the time the fee is due and payable, and 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 for any Fund at April 30, 2018.

During the period ended April 30, 2018, none of the Funds utilized the Credit Facility.

154

Note F—Investments In Affiliates^(a):

	Balance of Shares Held October 31, 2017		Gross Purchases and Additions		Gross Sales and Reductions		Balance of Shares Held April 30, 2018		Value April 30, 2018		Distributions from Investments in Affiliated Issuers^(b)			Net Realized Gain/(Loss) from Investments in Affiliated Issuers			Change in Net Unrealized Appreciation/ (Depreciation) from Investments in Affiliated Issuers
Global Allocation
Neuberger Berman Emerging Markets Debt Fund Institutional Class		56,739		58,177		—		114,916	$	1,034,246	$	22,624		$	—		$	(13,282	)
Neuberger Berman Emerging Markets Equity Fund Class R6		60,542		2,161		2,809		59,894		1,266,157		8,129			14,739			8,247
Neuberger Berman Floating Rate Income Fund Institutional Class		43,487		886		—		44,373		440,179		8,974			—			(1,315	)
Neuberger Berman Genesis Fund Class R6^(c)		21,225		3,582		8,157		16,650		957,892		165,517			23,591			(129,018	)
Neuberger Berman High Income Bond Fund Class R6		133,662		3,349		23,015		113,996		967,827		28,148			(568	)		(38,210	)
Neuberger Berman International Select Fund Class R6		279,073		12,008		57,795		233,286		3,051,378		41,040			124,009			(63,245	)
Long Short Credit Fund Class R6		73,328		2,954		32,415		43,867		411,032		8,206			3,032		$	(17,822	)
Risk Balanced Commodity Strategy Fund Institutional Class		144,206		77,860		6,178		215,888		1,424,862		33,237			(4,726	)		49,202
U.S. Equity Index PutWrite Strategy Class R6		91,300		43,755		8,431		126,624	$	1,340,953	$	55,478		$	4,565		$	(64,430	)
Total^(d)									$	10,894,526	$	371,353		$	164,642		$	(269,873	)
Long Short
Hudson Ltd. Class A		—		2,702,300		12,300		2,690,000	$	39,892,700	$	—	*	$	(45,875	)	$	(10,240,016	)
Total^(d)									$	39,892,700	$	—		$	(45,875	)	$	(10,240,016	)

155

	Balance of Shares Held October 31, 2017		Gross Purchases and Additions		Gross Sales and Reductions		Balance of Shares Held April 30, 2018		Value April 30, 2018		Distributions from Investments in Affiliated Issuers^(b)		Net Realized Gain/(Loss) from Investments in Affiliated Issuers			Change in Net Unrealized Appreciation/ (Depreciation) from Investments in Affiliated Issuers
Multi-Asset Income
Neuberger Berman Emerging Markets Debt Fund Institutional Class		114,486		43,992		—		158,478	$	1,426,306	$	36,923	$	—		$	(2,268	)
Neuberger Berman Floating Rate Income Fund Institutional Class		106,866		2,178		—		109,044		1,081,716		22,054		—			(3,232	)
Neuberger Berman High Income Bond Fund Class R6		245,375		6,353		28,769		222,959		1,892,921		53,957		(470	)		(73,436	)
Neuberger Berman Long Short Credit Fund Class R6		48,970		802		—		49,772		466,367		7,564		—			(13,762	)
Total^(d)									$	4,867,310	$	120,498	$	(470	)	$	(92,698	)

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

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

(c) After the close of business on December 8, 2017, the Neuberger Berman Genesis Fund Class R6 underwent a stock split at a rate of 1.0003. The capital share activity presented here has been retroactively adjusted to reflect this split.

(d) At April 30, 2018, these securities amounted to approximately 52.5%, 1.2% and 20.6% of net assets of Global Allocation, Long Short and Multi-Asset Income, respectively.

* Security did not produce income during the period.

Other: At April 30, 2018, Global Allocation held 1.78%, 0.93% and 0.41% of the outstanding shares of Long Short Credit, Risk Balanced Commodity Strategy and U.S. Equity Index PutWrite Strategy, respectively. Multi-Asset Income held 2.00% of the outstanding shares of Long Short Credit.

In addition, at April 30, 2018, there were affiliated investors owning 1.55%, 27.60%, 6.82%, 62.66% and 0.03% of Global Allocation's, Hedged Option Premium Strategy's Long Short Credit's, Multi-Asset Income's and U.S. Equity Index PutWrite Strategy's outstanding shares, respectively.

156

Note G—Custodian Out-of-Pocket Expenses Refunded:

In May 2016, Long Short's custodian, State Street, announced that it had identified inconsistencies in the way in which Long Short was invoiced for categories of expenses, particularly those deemed "out-of-pocket" costs, from 1998 through November 2015. The amounts in the table below represent the refunded expenses and interest determined to be payable to Long Short for the period in question. These amounts were refunded to Long Short by State Street during the year ended October 31, 2017.

				Expenses Refunded				Interest Paid to the Fund
Long Short				$	5,171			$	32

Note H—Recent Accounting Pronouncement:

On August 26, 2016, FASB issued a new ASU No. 2016-15, "Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments, a consensus of the FASB's Emerging Issues Task Force" ("ASU 2016-15"). ASU 2016-15 is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. The types of transactions addressed in ASU 2016-15 are debt prepayment or debt extinguishment costs, settlement of zero-coupon debt instruments, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of corporate-owned life insurance, distributions received from equity method investees, and beneficial interests in securitization transactions. The amendments also clarify how the predominance principle should be applied. ASU 2016-15 is effective for interim and annual reporting periods beginning after December 15, 2017. Management is currently evaluating the impact, if any, of applying this provision.

In November 2016, FASB issued a new ASU No. 2016-18, "Statement of Cash Flows (Topic 230), Restricted Cash" ("ASU 2016-18"). ASU 2016-18 requires that a statement of cash flows show the changes during the period in the total of cash, cash equivalents, restricted cash and restricted cash equivalents. ASU 2016-18 is effective for interim and annual reporting periods beginning after December 15, 2017. Management is currently evaluating the impact, if any, of applying this guidance.

In March 2017, FASB issued Accounting Standards Update No. 2017-08, "Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities" ("ASU 2017-08"). ASU 2017-08 shortens the amortization period to the earliest call date for certain purchased callable debt securities held at a premium. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Management is currently evaluating the impact of applying this guidance.

Note I—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.

157

Financial Highlights

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

	Net Asset Value, Beginning of 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			Voluntary Contribution from Management		Net Asset Value, End of Period
Global Allocation Fund
Institutional Class
4/30/2018 (Unaudited)	$	12.14	$	0.15		$	0.09		$	0.24		$	(0.22	)	$	(0.42	)	$	—	$	(0.64	)	$	—	$	11.74
10/31/2017	$	10.49	$	0.18		$	1.52		$	1.70		$	—		$	(0.05	)	$	—	$	(0.05	)	$	—	$	12.14
10/31/2016	$	10.42	$	0.10		$	(0.01	)	$	0.09		$	(0.00	)	$	(0.02	)	$	—	$	(0.02	)	$	—	$	10.49
10/31/2015	$	10.81	$	0.06		$	(0.17	)	$	(0.11	)	$	(0.28	)	$	(0.00	)	$	—	$	(0.28	)	$	—	$	10.42
10/31/2014	$	11.63	$	(0.12	)	$	0.29		$	0.17		$	(0.99	)	$	—		$	—	$	(0.99	)	$	0.00	$	10.81
10/31/2013	$	10.30	$	(0.09	)	$	1.57		$	1.48		$	(0.15	)	$	—		$	—	$	(0.15	)	$	—	$	11.63
Class A
4/30/2018 (Unaudited)	$	12.04	$	0.13		$	0.08		$	0.21		$	(0.18	)	$	(0.42	)	$	—	$	(0.60	)	$	—	$	11.65
10/31/2017	$	10.40	$	0.14		$	1.50		$	1.64		$	—		$	—		$	—	$	—		$	—	$	12.04
10/31/2016	$	10.36	$	0.06		$	(0.00	)	$	0.06		$	—		$	(0.02	)	$	—	$	(0.02	)	$	—	$	10.40
10/31/2015	$	10.76	$	0.02		$	(0.18	)	$	(0.16	)	$	(0.24	)	$	(0.00	)	$	—	$	(0.24	)	$	—	$	10.36
10/31/2014	$	11.57	$	(0.16	)	$	0.29		$	0.13		$	(0.94	)	$	—		$	—	$	(0.94	)	$	0.00	$	10.76
10/31/2013	$	10.25	$	(0.14	)	$	1.58		$	1.44		$	(0.12	)	$	—		$	—	$	(0.12	)	$	—	$	11.57
Class C
4/30/2018 (Unaudited)	$	11.66	$	0.08		$	0.08		$	0.16		$	(0.07	)	$	(0.42	)	$	—	$	(0.49	)	$	—	$	11.33
10/31/2017	$	10.14	$	0.05		$	1.47		$	1.52		$	—		$	—		$	—	$	—		$	—	$	11.66
10/31/2016	$	10.18	$	(0.01	)	$	(0.01	)	$	(0.02	)	$	—		$	(0.02	)	$	—	$	(0.02	)	$	—	$	10.14
10/31/2015	$	10.60	$	(0.06	)	$	(0.18	)	$	(0.24	)	$	(0.18	)	$	(0.00	)	$	—	$	(0.18	)	$	—	$	10.18
10/31/2014	$	11.43	$	(0.25	)	$	0.30		$	0.05		$	(0.88	)	$	—		$	—	$	(0.88	)	$	0.00	$	10.60
10/31/2013	$	10.13	$	(0.21	)	$	1.55		$	1.34		$	(0.04	)	$	—		$	—	$	(0.04	)	$	—	$	11.43

See Notes to Financial Highlights

158

	Total Return^a			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 and reverse repurchase agreements)^#			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 and reverse repurchase agreements)			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
Institutional Class
4/30/2018 (Unaudited)		1.99	%*	$	14.7		3.19	%**		3.19	%^Ø**		0.46	%**		0.46	%^Ø**		2.50	%**		40	%^b*		40	%^bØ*
10/31/2017		16.24	%	$	13.9		3.59	%^h		3.56	%		0.49	%^h		0.46	%		1.63	%^h		113	%^b		101	%^b
10/31/2016		0.87	%	$	10.1		4.17	%		3.66	%		1.11	%		0.60	%		0.97	%		176	%^b		174	%^b
10/31/2015		(1.12	)%	$	8.9		3.29	%		2.94	%		1.03	%		0.69	%		0.51	%		195	%^b		185	%^b
10/31/2014		1.37	%^c	$	12.5		3.25	%		2.72	%		1.50	%		0.98	%		(1.12	)%		228	%		216	%
10/31/2013		14.56	%	$	17.2		3.23	%		2.73	%		1.48	%		0.98	%		(0.85	)%		187	%		158	%
Class A
4/30/2018 (Unaudited)		1.75	%*	$	3.3		3.59	%**		3.59	%^Ø**		0.82	%**		0.82	%^Ø**		2.23	%**		40	%^b*		40	%^bØ*
10/31/2017		15.77	%	$	3.9		4.10	%^h		4.05	%		0.89	%^h		0.84	%		1.27	%^h		113	%^b		101	%^b
10/31/2016		0.59	%	$	5.9		4.53	%		4.01	%		1.49	%		0.96	%		0.64	%		176	%^b		174	%^b
10/31/2015		(1.52	)%	$	8.1		3.69	%		3.34	%		1.39	%		1.04	%		0.16	%		195	%^b		185	%^b
10/31/2014		1.03	%^c	$	9.6		3.68	%		3.16	%		1.86	%		1.35	%		(1.49	)%		228	%		216	%
10/31/2013		14.15	%	$	7.9		3.58	%		3.07	%		1.84	%		1.33	%		(1.25	)%		187	%		158	%
Class C
4/30/2018 (Unaudited)		1.39	%*	$	2.8		4.32	%**		4.32	%^Ø**		1.57	%**		1.57	%^Ø**		1.45	%**		40	%^b*		40	%^bØ*
10/31/2017		14.99	%	$	3.2		4.84	%^h		4.79	%		1.63	%^h		1.59	%		0.50	%^h		113	%^b		101	%^b
10/31/2016		(0.19	)%	$	4.7		5.26	%		4.74	%		2.24	%		1.71	%		(0.10	)%		176	%^b		174	%^b
10/31/2015		(2.29	)%	$	6.6		4.45	%		4.10	%		2.14	%		1.79	%		(0.57	)%		195	%^b		185	%^b
10/31/2014		0.30	%^c	$	7.0		4.46	%		3.95	%		2.63	%		2.11	%		(2.27	)%		228	%		216	%
10/31/2013		13.30	%	$	4.9		4.35	%		3.85	%		2.59	%		2.09	%		(1.99	)%		187	%		158	%

159

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			Voluntary Contribution from Management		Net Asset Value, End of Period
Hedged Option Premium Strategy Fund
Institutional Class
4/30/2018 (Unaudited)	$	25.41	$	0.11		$	(1.00	)	$	(0.89	)	$	(0.07	)	$	(0.22	)	$	—	$	(0.29	)	$	—	$	24.23
Period from 4/12/2017^{^} to 10/31/2017	$	25.00	$	0.09		$	0.39		$	0.48		$	(0.07	)	$	—		$	—	$	(0.07	)	$	—	$	25.41
Class A
4/30/2018 (Unaudited)	$	25.41	$	0.06		$	(0.99	)	$	(0.93	)	$	(0.03	)	$	(0.22	)	$	—	$	(0.25	)	$	—	$	24.23
Period from 4/12/2017^{^} to 10/31/2017	$	25.00	$	0.03		$	0.41		$	0.44		$	(0.03	)	$	—		$	—	$	(0.03	)	$	—	$	25.41
Class C
4/30/2018 (Unaudited)	$	25.33	$	(0.03	)	$	(0.99	)	$	(1.02	)	$	—		$	(0.22	)	$	—	$	(0.22	)	$	—	$	24.09
Period from 4/12/2017^{^} to 10/31/2017	$	25.00	$	(0.07	)	$	0.40		$	0.33		$	—		$	—		$	—	$	—		$	—	$	25.33
Class R6
4/30/2018 (Unaudited)	$	25.41	$	0.12		$	(0.99	)	$	(0.87	)	$	(0.08	)	$	(0.22	)	$	—	$	(0.30	)	$	—	$	24.24
Period from 4/12/2017^{^} to 10/31/2017	$	25.00	$	0.09		$	0.40		$	0.49		$	(0.08	)	$	—		$	—	$	(0.08	)	$	—	$	25.41

See Notes to Financial Highlights

160

	Total Return^a			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 and reverse repurchase agreements)^#			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 and reverse repurchase agreements)			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate (including securities sold short)			Portfolio Turnover Rate (excluding securities sold short)
Hedged Option Premium Strategy Fund
Institutional Class
4/30/2018 (Unaudited)		(3.52	)%*	$	15.6		2.91	%**		2.91	%^Ø**		0.65	%**		0.65	%^Ø**		0.94	%**		0	%*		0	%^Ø*
Period from 4/12/2017^{^} to 10/31/2017		1.92	%*	$	8.6		6.75	%^‡**		6.75	%^Ø‡**		0.65	%^‡**		0.65	%^Ø‡**		0.62	%^‡**		0	%*		0	%^Ø*
Class A
4/30/2018 (Unaudited)		(3.70	)%*	$	0.0		3.67	%**		3.67	%^Ø**		1.01	%**		1.01	%^Ø**		0.52	%**		0	%*		0	%^Ø*
Period from 4/12/2017^{^} to 10/31/2017		1.74	%*	$	0.0		7.39	%^‡**		7.39	%^Ø‡**		1.01	%^‡**		1.01	%^Ø‡**		0.24	%^‡**		0	%*		0	%^Ø*
Class C
4/30/2018 (Unaudited)		(4.07	)%*	$	0.0		4.34	%**		4.34	%^Ø**		1.76	%**		1.76	%^Ø**		(0.23	)%**		0	%*		0	%^Ø*
Period from 4/12/2017^{^} to 10/31/2017		1.32	%*	$	0.0		8.10	%^‡**		8.10	%^Ø‡**		1.76	%^‡**		1.76	%^Ø‡**		(0.50	)%^‡**		0	%*		0	%^Ø*
Class R6
4/30/2018 (Unaudited)		(3.45	)%*	$	1.9		2.90	%**		2.90	%^Ø**		0.58	%**		0.58	%^Ø**		0.95	%**		0	%*		0	%^Ø*
Period from 4/12/2017^{^} to 10/31/2017		1.95	%*	$	2.0		6.69	%^‡**		6.69	%^Ø‡**		0.58	%^‡**		0.58	%^Ø‡**		0.67	%^‡**		0	%*		0	%^Ø*

161

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			Voluntary Contribution from Management		Net Asset Value, End of Period
Long Short Fund
Institutional Class
4/30/2018 (Unaudited)	$	14.21	$	0.01		$	0.32		$	0.33		$	—		$	—		$	—	$	—		$	—	$	14.54
10/31/2017	$	12.74	$	0.02		$	1.45		$	1.47		$	—		$	—		$	—	$	—		$	0.00	$	14.21
10/31/2016	$	12.76	$	(0.03	)	$	0.01		$	(0.02	)	$	(0.00	)	$	—		$	—	$	(0.00	)	$	—	$	12.74
10/31/2015	$	13.02	$	0.02		$	(0.21	)	$	(0.19	)	$	(0.02	)	$	(0.05	)	$	—	$	(0.07	)	$	—	$	12.76
10/31/2014	$	12.48	$	0.02		$	0.58		$	0.60		$	—		$	(0.06	)	$	—	$	(0.06	)	$	0.00	$	13.02
10/31/2013	$	11.09	$	0.01		$	1.47		$	1.48		$	(0.01	)	$	(0.08	)	$	—	$	(0.09	)	$	—	$	12.48
Class A
4/30/2018 (Unaudited)	$	13.96	$	(0.01	)	$	0.31		$	0.30		$	—		$	—		$	—	$	—		$	—	$	14.26
10/31/2017	$	12.56	$	(0.02	)	$	1.42		$	1.40		$	—		$	—		$	—	$	—		$	0.00	$	13.96
10/31/2016	$	12.62	$	(0.07	)	$	0.01		$	(0.06	)	$	—		$	—		$	—	$	—		$	—	$	12.56
10/31/2015	$	12.91	$	(0.03	)	$	(0.21	)	$	(0.24	)	$	—		$	(0.05	)	$	—	$	(0.05	)	$	—	$	12.62
10/31/2014	$	12.41	$	(0.03	)	$	0.58		$	0.55		$	—		$	(0.05	)	$	—	$	(0.05	)	$	0.00	$	12.91
10/31/2013	$	11.06	$	(0.03	)	$	1.47		$	1.44		$	(0.01	)	$	(0.08	)	$	—	$	(0.09	)	$	—	$	12.41
Class C
4/30/2018 (Unaudited)	$	13.38	$	(0.06	)	$	0.30		$	0.24		$	—		$	—		$	—	$	—		$	—	$	13.62
10/31/2017	$	12.13	$	(0.12	)	$	1.37		$	1.25		$	—		$	—		$	—	$	—		$	0.00	$	13.38
10/31/2016	$	12.29	$	(0.16	)	$	0.00		$	(0.16	)	$	—		$	—		$	—	$	—		$	—	$	12.13
10/31/2015	$	12.66	$	(0.12	)	$	(0.20	)	$	(0.32	)	$	—		$	(0.05	)	$	—	$	(0.05	)	$	—	$	12.29
10/31/2014	$	12.26	$	(0.12	)	$	0.57		$	0.45		$	—		$	(0.05	)	$	—	$	(0.05	)	$	0.00	$	12.66
10/31/2013	$	10.99	$	(0.12	)	$	1.46		$	1.34		$	(0.00	)	$	(0.07	)	$	—	$	(0.07	)	$	—	$	12.26

See Notes to Financial Highlights

162

	Total Return^a			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 and reverse repurchase agreements)^#			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 and reverse repurchase agreements)			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
4/30/2018 (Unaudited)		2.32	%*	$	3,163.4		1.64	%**		1.31	%**		1.64	%**		1.31	%**		0.20	%**		41	%*		34	%*
10/31/2017		11.54	%^dg	$	2,853.0		1.80	%		1.33	%		1.80	%^e		1.32	%^e		0.12	%^e		80	%		64	%
10/31/2016		(0.14	)%	$	2,074.7		1.91	%		1.33	%		1.91	%		1.33	%		(0.22	)%		86	%		72	%
10/31/2015		(1.45	)%	$	2,719.8		1.66	%		1.31	%		1.66	%		1.31	%		0.16	%		91	%		69	%
10/31/2014		4.83	%^c	$	2,627.8		1.72	%		1.48	%		1.72	%		1.48	%		0.17	%		61	%		44	%
10/31/2013		13.47	%	$	1,038.2		1.75	%		1.60	%		1.75	%^§		1.60	%^§		0.10	%		103	%		52	%
Class A
4/30/2018 (Unaudited)		2.15	%*	$	127.6		2.01	%**		1.67	%**		2.00	%**		1.67	%**		(0.16	)%**		41	%*		34	%*
10/31/2017		11.15	%^dg	$	145.6		2.16	%		1.68	%		2.16	%^e		1.68	%^e		(0.18	)%^e		80	%		64	%
10/31/2016		(0.48	)%	$	206.4		2.28	%		1.69	%		2.28	%		1.69	%		(0.59	)%		86	%		72	%
10/31/2015		(1.89	)%	$	361.7		2.03	%		1.68	%		2.03	%		1.68	%		(0.20	)%		91	%		69	%
10/31/2014		4.47	%^c	$	388.6		2.09	%		1.85	%		2.09	%		1.85	%		(0.20	)%		61	%		44	%
10/31/2013		13.08	%	$	502.1		2.08	%		1.94	%		2.08	%^§		1.94	%^§		(0.23	)%		103	%		52	%
Class C
4/30/2018 (Unaudited)		1.79	%*	$	86.8		2.75	%**		2.42	%**		2.75	%**		2.42	%**		(0.91	)%**		41	%*		34	%*
10/31/2017		10.31	%^dg	$	92.7		2.90	%		2.43	%		2.90	%^e		2.43	%^e		(0.94	)%^e		80	%		64	%
10/31/2016		(1.30	)%	$	117.3		3.02	%		2.44	%		3.02	%		2.44	%		(1.33	)%		86	%		72	%
10/31/2015		(2.56	)%	$	190.6		2.77	%		2.42	%		2.77	%		2.42	%		(0.94	)%		91	%		69	%
10/31/2014		3.71	%^c	$	211.0		2.84	%		2.60	%		2.84	%		2.60	%		(0.94	)%		61	%		44	%
10/31/2013		12.23	%	$	115.1		2.83	%		2.68	%		2.83	%^§		2.68	%^§		(1.00	)%		103	%		52	%

163

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			Voluntary Contribution from Management		Net Asset Value, End of Period
Long Short Credit Fund
Institutional Class
4/30/2018 (Unaudited)	$	9.65	$	0.24		$	(0.37	)	$	(0.13	)	$	(0.15	)	$	—	$	—	$	(0.15	)	$	—	$	9.37
10/31/2017	$	9.53	$	0.37		$	0.13		$	0.50		$	(0.38	)	$	—	$	—	$	(0.38	)	$	—	$	9.65
10/31/2016	$	9.75	$	0.15		$	(0.18	)	$	(0.03	)	$	(0.19	)	$	—	$	—	$	(0.19	)	$	—	$	9.53
Period from 6/29/2015^{^} to 10/31/2015	$	10.00	$	0.02		$	(0.23	)	$	(0.21	)	$	(0.04	)	$	—	$	—	$	(0.04	)	$	—	$	9.75
Class A
4/30/2018 (Unaudited)	$	9.65	$	0.23		$	(0.38	)	$	(0.15	)	$	(0.13	)	$	—	$	—	$	(0.13	)	$	—	$	9.37
10/31/2017	$	9.53	$	0.34		$	0.13		$	0.47		$	(0.35	)	$	—	$	—	$	(0.35	)	$	—	$	9.65
10/31/2016	$	9.75	$	0.11		$	(0.17	)	$	(0.06	)	$	(0.16	)	$	—	$	—	$	(0.16	)	$	—	$	9.53
Period from 6/29/2015^{^} to 10/31/2015	$	10.00	$	0.01		$	(0.23	)	$	(0.22	)	$	(0.03	)	$	—	$	—	$	(0.03	)	$	—	$	9.75
Class C
4/30/2018 (Unaudited)	$	9.64	$	0.19		$	(0.37	)	$	(0.18	)	$	(0.10	)	$	—	$	—	$	(0.10	)	$	—	$	9.36
10/31/2017	$	9.53	$	0.26		$	0.12		$	0.38		$	(0.27	)	$	—	$	—	$	(0.27	)	$	—	$	9.64
10/31/2016	$	9.75	$	0.06		$	(0.17	)	$	(0.11	)	$	(0.11	)	$	—	$	—	$	(0.11	)	$	—	$	9.53
Period from 6/29/2015^{^} to 10/31/2015	$	10.00	$	(0.01	)	$	(0.23	)	$	(0.24	)	$	(0.01	)	$	—	$	—	$	(0.01	)	$	—	$	9.75

See Notes to Financial Highlights

164

	Total Return^a			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 and reverse repurchase agreements)^#			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 and reverse repurchase agreements)			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 Credit Fund
Institutional Class
4/30/2018 (Unaudited)		(1.35	)%*	$	15.0		2.63	%**		2.25	%^Ø**		1.49	%**		1.11	^Ø**		5.13	%**		51	%*		51	%^Ø*
10/31/2017		5.36	%	$	15.7		2.23	%		2.19	%^Ø		1.24	%		1.21	%^Ø		3.84	%		123	%		123	%^Ø
10/31/2016		(0.28	)%	$	22.3		3.22	%		2.36	%		1.97	%		1.10	%		1.54	%		190	%		197	%
Period from 6/29/2015^{^} to 10/31/2015		(2.06	)%*	$	22.8		3.50	%^‡**		3.45	%**		1.21	%^‡**		1.15	%**		0.64	%^‡**		32	%*		18	%*
Class A
4/30/2018 (Unaudited)		(1.60	)%*	$	2.1		3.02	%**		2.64	%^Ø**		1.87	%**		1.48	%^Ø**		4.75	%**		51	%*		51	%^Ø*
10/31/2017		4.98	%	$	3.0		2.68	%		2.63	%^Ø		1.62	%		1.58	%^Ø		3.52	%		123	%		123	%^Ø
10/31/2016		(0.55	)%	$	1.0		3.72	%		2.82	%		2.29	%		1.40	%		1.16	%		190	%		197	%
Period from 6/29/2015^{^} to 10/31/2015		(2.17	)%*	$	1.3		4.28	%^‡**		4.23	%**		1.55	%^‡**		1.50	%**		0.28	%^‡**		32	%*		18	%*
Class C
4/30/2018 (Unaudited)		(1.83	)%*	$	1.1		3.78	%**		3.38	%^Ø**		2.62	%**		2.22	%^Ø**		4.08	%**		51	%*		51	%^Ø*
10/31/2017		4.10	%	$	1.0		3.40	%		3.36	%^Ø		2.37	%		2.33	%^Ø		2.74	%		123	%		123	%^Ø
10/31/2016		(1.10	)%	$	1.0		4.30	%		3.47	%		2.85	%		2.02	%		0.64	%		190	%		197	%
Period from 6/29/2015^{^} to 10/31/2015		(2.41	)%*	$	1.0		5.04	%^‡**		4.98	%**		2.26	%^‡**		2.20	%**		(0.43	)%^‡**		32	%*		18	%*

165

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			Voluntary Contribution from Management		Net Asset Value, End of Period
Long Short Credit Fund (cont'd)
Class R6
4/30/2018 (Unaudited)	$	9.65	$	0.24	$	(0.37	)	$	(0.13	)	$	(0.15	)	$	—	$	—		$	(0.15	)	$	—	$	9.37
10/31/2017	$	9.54	$	0.38	$	0.12		$	0.50		$	(0.39	)	$	—	$	—		$	(0.39	)	$	—	$	9.65
10/31/2016	$	9.75	$	0.16	$	(0.18	)	$	(0.02	)	$	(0.19	)	$	—	$	—		$	(0.19	)	$	—	$	9.54
Period from 6/29/2015^{^} to 10/31/2015	$	10.00	$	0.02	$	(0.22	)	$	(0.20	)	$	(0.05	)	$	—	$	—		$	(0.05	)	$	—	$	9.75
Multi-Asset Income Fund
Institutional Class
4/30/2018 (Unaudited)	$	10.18	$	0.17	$	(0.15	)	$	0.02		$	(0.23	)	$	—	$	—		$	(0.23	)	$	—	$	9.97
10/31/2017	$	9.60	$	0.32	$	0.62		$	0.94		$	(0.35	)	$	—	$	(0.01	)	$	(0.36	)	$	—	$	10.18
10/31/2016	$	9.43	$	0.31	$	0.25		$	0.56		$	(0.30	)	$	—	$	(0.09	)	$	(0.39	)	$	—	$	9.60
Period from 3/27/2015^{^} to 10/31/2015	$	10.00	$	0.23	$	(0.57	)	$	(0.34	)	$	(0.23	)	$	—	$	—		$	(0.23	)	$	—	$	9.43
Class A
4/30/2018 (Unaudited)	$	10.18	$	0.15	$	(0.15	)	$	0.00		$	(0.21	)	$	—	$	—		$	(0.21	)	$	—	$	9.97
10/31/2017	$	9.60	$	0.29	$	0.61		$	0.90		$	(0.31	)	$	—	$	(0.01	)	$	(0.32	)	$	—	$	10.18
10/31/2016	$	9.43	$	0.28	$	0.24		$	0.52		$	(0.26	)	$	—	$	(0.09	)	$	(0.35	)	$	—	$	9.60
Period from 3/27/2015^{^} to 10/31/2015	$	10.00	$	0.20	$	(0.56	)	$	(0.36	)	$	(0.21	)	$	—	$	—		$	(0.21	)	$	—	$	9.43

See Notes to Financial Highlights

166

	Total Return^a			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 and reverse repurchase agreements)^#			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 and reverse repurchase agreements)			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 Credit Fund (cont'd)
Class R6
4/30/2018 (Unaudited)		(1.31	)%*	$	4.8		2.54	%**		2.18	%^Ø**		1.41	%**		1.05	%^Ø**		5.14	%**		51	%*		51	%^Ø*
10/31/2017		5.33	%	$	6.0		2.20	%		2.16	%^Ø		1.18	%		1.14	%^Ø		3.93	%		123	%		123	%^Ø
10/31/2016		(0.12	)%	$	6.1		3.05	%		2.26	%		1.83	%		1.04	%		1.71	%		190	%		197	%
Period from 6/29/2015^{^} to 10/31/2015		(2.03	)%*	$	4.9		3.49	%^‡**		3.44	%**		1.14	%^‡**		1.08	%**		0.69	%^‡**		32	%*		18	%*
Multi-Asset Income Fund
Institutional Class
4/30/2018 (Unaudited)		0.16	%*	$	18.1		2.59	%**		2.59	%^Ø**		0.55	%**		0.55	%^Ø**		3.32	%**		52	%*		52	%^bØ*
10/31/2017		9.93	%	$	17.3		3.03	%		3.03	%^Ø		0.50	%		0.50	%^Ø		3.28	%		84	%		84	%^bØ
10/31/2016		6.09	%	$	12.4		3.86	%		3.86	%^Ø		0.44	%		0.44	%^Ø		3.33	%		94	%		94	%^Ø
Period from 3/27/2015^{^} to 10/31/2015		(3.43	)%*	$	10.6		3.66	%^‡**		3.66	%^Ø‡**		0.43	%^‡**		0.43	%^Ø‡**		3.87	%^‡**		33	%*		33	%^Ø*
Class A
4/30/2018 (Unaudited)		(0.02	)%*	$	0.8		2.97	%**		2.97	%^Ø**		0.92	%**		0.92	%^Ø**		2.96	%**		52	%*		52	%^bØ*
10/31/2017		9.53	%	$	0.6		3.47	%		3.47	%^Ø		0.86	%		0.86	%^Ø		2.90	%		84	%		84	%^bØ
10/31/2016		5.70	%	$	0.6		4.27	%		4.27	%^Ø		0.81	%		0.81	%^Ø		2.98	%		94	%		94	%^Ø
Period from 3/27/2015^{^} to 10/31/2015		(3.64	)%*	$	0.5		4.55	%^‡**		4.55	%^Ø‡**		0.79	%^‡**		0.79	%^Ø‡**		3.50	%^‡**		33	%*		33	%^Ø*

167

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			Voluntary Contribution from Management		Net Asset Value, End of Period
Multi-Asset Income Fund (cont'd)
Class C
4/30/2018 (Unaudited)	$	10.18	$	0.11		$	(0.15	)	$	(0.04	)	$	(0.17	)	$	—		$	—		$	(0.17	)	$	—	$	9.97
10/31/2017	$	9.60	$	0.21		$	0.62		$	0.83		$	(0.24	)	$	—		$	(0.01	)	$	(0.25	)	$	—	$	10.18
10/31/2016	$	9.43	$	0.20		$	0.25		$	0.45		$	(0.19	)	$	—		$	(0.09	)	$	(0.28	)	$	—	$	9.60
Period from 3/27/2015^{^} to 10/31/2015	$	10.00	$	0.16		$	(0.56	)	$	(0.40	)	$	(0.17	)	$	—		$	—		$	(0.17	)	$	—	$	9.43
Class R6
4/30/2018 (Unaudited)	$	10.18	$	0.17		$	(0.15	)	$	0.02		$	(0.23	)	$	—		$	—		$	(0.23	)	$	—	$	9.97
10/31/2017	$	9.60	$	0.33		$	0.61		$	0.94		$	(0.35	)	$	—		$	(0.01	)	$	(0.36	)	$	—	$	10.18
10/31/2016	$	9.43	$	0.32		$	0.24		$	0.56		$	(0.30	)	$	—		$	(0.09	)	$	(0.39	)	$	—	$	9.60
Period from 3/27/2015^{^} to 10/31/2015	$	10.00	$	0.23		$	(0.57	)	$	(0.34	)	$	(0.23	)	$	—		$	—		$	(0.23	)	$	—	$	9.43
Risk Balanced Commodity Strategy Fund^f
Institutional Class
4/30/2018 (Unaudited)	$	6.36	$	0.03		$	0.45		$	0.48		$	(0.24	)	$	—		$	—		$	(0.24	)	$	—	$	6.60
10/31/2017	$	5.99	$	0.02		$	0.35		$	0.37		$	—		$	—		$	—		$	—		$	—	$	6.36
10/31/2016	$	6.20	$	(0.03	)	$	(0.18	)	$	(0.21	)	$	—		$	—		$	—		$	—		$	—	$	5.99
10/31/2015	$	8.39	$	(0.05	)	$	(2.14	)	$	(2.19	)	$	—		$	(0.00	)	$	—		$	(0.00	)	$	—	$	6.20
10/31/2014	$	9.01	$	(0.07	)	$	(0.55	)	$	(0.62	)	$	—		$	—		$	—		$	—		$	—	$	8.39
10/31/2013	$	9.84	$	(0.09	)	$	(0.74	)	$	(0.83	)	$	—		$	—		$	—		$	—		$	—	$	9.01

See Notes to Financial Highlights

168

	Total Return^a			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 and reverse repurchase agreements)^#			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 and reverse repurchase agreements)			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate (including securities sold short)			Portfolio Turnover Rate (excluding securities sold short)
Multi-Asset Income Fund (cont'd)
Class C
4/30/2018 (Unaudited)		(0.40	)%*	$	0.7		3.71	%**		3.71	%^Ø**		1.67	%**		1.67	%^Ø**		2.20	%**		52	%*		52	%^bØ*
10/31/2017		8.71	%	$	0.7		4.16	%		4.16	%^Ø		1.62	%		1.62	%^Ø		2.15	%		84	%		84	%^bØ
10/31/2016		4.91	%	$	0.6		4.99	%		4.99	%^Ø		1.56	%		1.56	%^Ø		2.20	%		94	%		94	%^Ø
Period from 3/27/2015^{^} to 10/31/2015		(4.07	)%*	$	0.5		5.29	%^‡**		5.29	%^Ø‡**		1.53	%^‡**		1.53	%^Ø‡**		2.76	%^‡**		33	%*		33	%^Ø*
Class R6
4/30/2018 (Unaudited)		0.19	%*	$	4.0		2.52	%**		2.52	%^Ø**		0.48	%**		0.48	%^Ø**		3.39	%**		52	%*		52	%^bØ*
10/31/2017		10.01	%	$	4.1		2.97	%		2.97	%^Ø		0.42	%		0.42	%^Ø		3.34	%		84	%		84	%^bØ
10/31/2016		6.16	%	$	3.9		3.78	%		3.78	%^Ø		0.37	%		0.37	%^Ø		3.42	%		94	%		94	%^Ø
Period from 3/27/2015^{^} to 10/31/2015		(3.39	)%*	$	3.8		3.63	%^‡**		3.63	%^Ø‡**		0.36	%^‡**		0.36	%^Ø‡**		3.93	%^‡**		33	%*		33	%^Ø*
Risk Balanced Commodity Strategy Fund^f
Institutional Class
4/30/2018 (Unaudited)		7.89	%*	$	103.7		1.03	%**		1.03	%^Ø**		0.74	%**		0.74	%^Ø**		0.95	%**		49	%*		49	%^Ø*
10/31/2017		6.18	%	$	83.1		1.18	%		1.18	%^Ø		0.85	%		0.85	%^Ø		0.36	%		105	%		105	%^Ø
10/31/2016		(3.39	)%	$	49.0		1.65	%		1.65	%^Ø		1.10	%		1.10	%^Ø		(0.44	)%		58	%		58	%^Ø
10/31/2015		(26.09	)%	$	31.8		1.47	%		1.47	%^Ø		1.10	%		1.10	%^Ø		(0.67	)%		35	%		35	%^Ø
10/31/2014		(6.88	)%	$	20.5		1.62	%		1.62	%^Ø		1.10	%		1.10	%^Ø		(0.73	)%		21	%		21	%^Ø
10/31/2013		(8.43	)%	$	9.6		3.69	%		3.69	%^Ø		1.10	%		1.10	%^Ø		(0.94	)%		5	%		5	%^Ø

169

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			Voluntary Contribution from Management		Net Asset Value, End of Period
Risk Balanced Commodity Strategy Fundf (cont'd)
Class A
4/30/2018 (Unaudited)	$	6.24	$	0.02		$	0.44		$	0.46		$	(0.22	)	$	—		$	—	$	(0.22	)	$	—	$	6.48
10/31/2017	$	5.90	$	(0.00	)	$	0.34		$	0.34		$	—		$	—		$	—	$	—		$	—	$	6.24
10/31/2016	$	6.12	$	(0.05	)	$	(0.17	)	$	(0.22	)	$	—		$	—		$	—	$	—		$	—	$	5.90
10/31/2015	$	8.32	$	(0.07	)	$	(2.13	)	$	(2.20	)	$	—		$	(0.00	)	$	—	$	(0.00	)	$	—	$	6.12
10/31/2014	$	8.97	$	(0.10	)	$	(0.55	)	$	(0.65	)	$	—		$	—		$	—	$	—		$	—	$	8.32
10/31/2013	$	9.84	$	(0.12	)	$	(0.75	)	$	(0.87	)	$	—		$	—		$	—	$	—		$	—	$	8.97
Class C
4/30/2018 (Unaudited)	$	5.95	$	(0.01	)	$	0.44		$	0.43		$	(0.13	)	$	—		$	—	$	(0.13	)	$	—	$	6.25
10/31/2017	$	5.71	$	(0.05	)	$	0.29		$	0.24		$	—		$	—		$	—	$	—		$	—	$	5.95
10/31/2016	$	5.98	$	(0.09	)	$	(0.18	)	$	(0.27	)	$	—		$	—		$	—	$	—		$	—	$	5.71
10/31/2015	$	8.19	$	(0.12	)	$	(2.09	)	$	(2.21	)	$	—		$	(0.00	)	$	—	$	(0.00	)	$	—	$	5.98
10/31/2014	$	8.88	$	(0.16	)	$	(0.53	)	$	(0.69	)	$	—		$	—		$	—	$	—		$	—	$	8.19
10/31/2013	$	9.83	$	(0.18	)	$	(0.77	)	$	(0.95	)	$	—		$	—		$	—	$	—		$	—	$	8.88
U.S. Equity Index PutWrite Strategy Fund
Institutional Class
4/30/2018 (Unaudited)	$	11.33	$	0.03		$	(0.16	)	$	(0.13	)	$	(0.03	)	$	(0.59	)	$	—	$	(0.62	)	$	—	$	10.58
10/31/2017	$	10.09	$	0.05		$	1.26		$	1.31		$	(0.04	)	$	(0.03	)	$	—	$	(0.07	)	$	—	$	11.33
Period from 9/16/2016^{^} to 10/31/2016	$	10.00	$	0.00		$	0.09		$	0.09		$	—		$	—		$	—	$	—		$	—	$	10.09

See Notes to Financial Highlights

170

	Total Return^a			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 and reverse repurchase agreements)^#			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 and reverse repurchase agreements)			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate (including securities sold short)			Portfolio Turnover Rate (excluding securities sold short)
Risk Balanced Commodity Strategy Fundf (cont'd)
Class A
4/30/2018 (Unaudited)		7.62	%*	$	47.8		1.40	%**		1.40	%^Ø**		1.10	%**		1.10	%^Ø**		0.58	%**		49	%*		49	%^Ø*
10/31/2017		5.76	%	$	42.4		1.56	%		1.56	%^Ø		1.21	%		1.21	%^Ø		(0.02	)%		105	%		105	%^Ø
10/31/2016		(3.59	)%	$	33.3		2.04	%		2.04	%^Ø		1.46	%		1.46	%^Ø		(0.82	)%		58	%		58	%^Ø
10/31/2015		(26.43	)%	$	35.5		1.84	%		1.84	%^Ø		1.46	%		1.46	%^Ø		(1.05	)%		35	%		35	%^Ø
10/31/2014		(7.25	)%	$	66.8		1.98	%		1.98	%^Ø		1.46	%		1.46	%^Ø		(1.09	)%		21	%		21	%^Ø
10/31/2013		(8.84	)%	$	35.0		3.81	%		3.81	%^Ø		1.46	%		1.46	%^Ø		(1.27	)%		5	%		5	%^Ø
Class C
4/30/2018 (Unaudited)		7.37	%*	$	0.0		3.04	%**		3.04	%^Ø**		1.85	%**		1.85	%^Ø**		(0.17	)%**		49	%*		49	%^Ø*
10/31/2017		4.20	%	$	0.0		3.20	%		3.20	%^Ø		2.03	%		2.03	%^Ø		(0.92	)%		105	%		105	%^Ø
10/31/2016		(4.52	)%	$	0.1		3.06	%		3.06	%^Ø		2.21	%		2.21	%^Ø		(1.65	)%		58	%		58	%^Ø
10/31/2015		(26.98	)%	$	3.1		2.70	%		2.70	%^Ø		2.21	%		2.21	%^Ø		(1.79	)%		35	%		35	%^Ø
10/31/2014		(7.77	)%	$	4.2		2.84	%		2.84	%^Ø		2.21	%		2.21	%^Ø		(1.84	)%		21	%		21	%^Ø
10/31/2013		(9.66	)%	$	3.6		4.69	%		4.69	%^Ø		2.21	%		2.21	%^Ø		(2.03	)%		5	%		5	%^Ø
U.S. Equity Index PutWrite Strategy Fund
Institutional Class
4/30/2018 (Unaudited)		(1.28	)%*	$	305.2		0.76	%**		0.76	%^Ø**		0.65	%**		0.65	%^Ø**		0.59	%**		5	%*		5	%^Ø*
10/31/2017		13.05	%	$	152.0		0.98	%		0.98	%^Ø		0.65	%		0.65	%^Ø		0.49	%		0	%		0	%^Ø
Period from 9/16/2016^{^} to 10/31/2016		0.90	%*	$	21.2		3.84	%^‡**		3.84	%^Ø**		0.65	%^‡**		0.65	%^Ø**		0.26	%^‡**		0	%*		0	%^Ø*

171

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			Voluntary Contribution from Management		Net Asset Value, End of Period
U.S. Equity Index PutWrite Strategy Fund (cont'd)
Class A
4/30/2018 (Unaudited)	$	11.33	$	0.01		$	(0.17	)	$	(0.16	)	$	(0.01	)	$	(0.59	)	$	—	$	(0.60	)	$	—	$	10.57
10/31/2017	$	10.09	$	0.01		$	1.27		$	1.28		$	(0.01	)	$	(0.03	)	$	—	$	(0.04	)	$	—	$	11.33
Period from 9/16/2016^{^} to 10/31/2016	$	10.00	$	(0.00	)	$	0.09		$	0.09		$	—		$	—		$	—	$	—		$	—	$	10.09
Class C
4/30/2018 (Unaudited)	$	11.24	$	(0.03	)	$	(0.16	)	$	(0.19	)	$	(0.00	)	$	(0.59	)	$	—	$	(0.59	)	$	—	$	10.46
10/31/2017	$	10.08	$	(0.07	)	$	1.26		$	1.19		$	—		$	(0.03	)	$	—	$	(0.03	)	$	—	$	11.24
Period from 9/16/2016^{^} to 10/31/2016	$	10.00	$	(0.01	)	$	0.09		$	0.08		$	—		$	—		$	—	$	—		$	—	$	10.08
Class R6
4/30/2018 (Unaudited)	$	11.34	$	0.04		$	(0.16	)	$	(0.12	)	$	(0.04	)	$	(0.59	)	$	—	$	(0.63	)	$	—	$	10.59
10/31/2017	$	10.10	$	0.06		$	1.26		$	1.32		$	(0.05	)	$	(0.03	)	$	—	$	(0.08	)	$	—	$	11.34
Period from 9/16/2016^{^} to 10/31/2016	$	10.00	$	0.00		$	0.10		$	0.10		$	—		$	—		$	—	$	—		$	—	$	10.10

See Notes to Financial Highlights

172

	Total Return^a			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 and reverse repurchase agreements)^#			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 and reverse repurchase agreements)			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate (including securities sold short)			Portfolio Turnover Rate (excluding securities sold short)
U.S. Equity Index PutWrite Strategy Fund (cont'd)
Class A
4/30/2018 (Unaudited)		(1.54	)%*	$	6.6		1.14	%**		1.14	%^Ø**		1.01	%**		1.01	%^Ø**		0.22	%**		5	%*		5	%^Ø*
10/31/2017		12.70	%	$	4.1		1.35	%		1.35	%^Ø		1.01	%		1.01	%^Ø		0.13	%		0	%		0	%^Ø
Period from 9/16/2016^{^} to 10/31/2016		0.90	%*	$	0.4		4.26	%^‡**		4.26	%^Ø**		1.01	%^‡**		1.01	%^Ø**		(0.05	)%^‡**		0	%*		0	%^Ø*
Class C
4/30/2018 (Unaudited)		(1.81	)%*	$	1.0		1.89	%**		1.89	%^Ø**		1.76	%**		1.76	%^Ø**		(0.53	)%**		5	%*		5	%^Ø*
10/31/2017		11.81	%	$	0.5		2.12	%		2.12	%^Ø		1.76	%		1.76	%^Ø		(0.63	)%		0	%		0	%^Ø
Period from 9/16/2016^{^} to 10/31/2016		0.80	%*	$	0.1		5.10	%^‡**		5.10	%^Ø**		1.76	%^‡**		1.76	%^Ø**		(0.86	)%^‡**		0	%*		0	%^Ø*
Class R6
4/30/2018 (Unaudited)		(1.24	)%*	$	17.7		0.70	%**		0.70	%^Ø**		0.58	%**		0.58	%^Ø**		0.66	%**		5	%*		5	%^Ø*
10/31/2017		13.08	%	$	12.2		0.93	%		0.93	%^Ø		0.58	%		0.58	%^Ø		0.55	%		0	%		0	%^Ø
Period from 9/16/2016^{^} to 10/31/2016		1.00	%*	$	4.8		3.77	%^‡**		3.77	%^Ø**		0.58	%^‡**		0.58	%^Ø**		0.26	%^‡**		0	%*		0	%^Ø*

173

Notes to Financial Highlights (Unaudited)

@ Calculated based on the average number of shares outstanding during each fiscal period.

# 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 and/or if certain Funds did not receive the Custodian Out-of-Pocket Expenses Refunded, as listed in Note G of the Notes to Financial Statements.

** Annualized.

^ The date investment operations commenced.

* Not annualized.

‡ Organization expense, which is a non-recurring expense, is included in these ratios on a non-annualized basis.

Ø Hedged Option Premium Strategy, Multi-Asset Income, Risk Balanced Commodity Strategy and U.S. Equity Index PutWrite Strategy did not engage in short sales. For the six months ended April 30, 2018 and for the year ended October 31, 2017, Long Short Credit did not engage in short sales. For the six months ended April 30, 2018, Global Allocation did not engage in short sales.

§ 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 net assets would have been:

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

a 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 will fluctuate and shares when redeemed may be worth more or less than original cost. Total return would have been lower if Management had not reimbursed and/or waived certain expenses. Total return would have been higher if Management had not recouped previously reimbursed and/or waived expenses.

b The portfolio turnover rate including mortgage dollar roll transactions was 71% for the six months ended April 30, 2018 for Global Allocation. The portfolio turnover rates including mortgage dollar roll transactions, including and excluding securities sold short, 165% and 154%, respectively, for the year ended October 31, 2017, 182% and 183%, respectively, for the year ended October 31, 2016 and 198% and 189%, respectively, for the year ended October 31, 2015, for Global Allocation. The portfolio turnover rate including mortgage dollar roll transactions were 107% and 165% for the six months ended April 30, 2018 and for the year ended October 31, 2017, respectively, for Multi-Asset Income.

c The voluntary contribution received in 2014 had no impact on the Funds' total returns for the year ended October 31, 2014.

174

Notes to Financial Highlights (Unaudited) (cont'd)

d The voluntary contribution listed in Note B of the Notes to Financial Statements had no impact on the Fund's total returns for the year ended October 31, 2017.

e Custodian Out-of-Pocket Expenses Refunded, as listed in Note G of the Notes to Financial Statements, is non-recurring, and is included in these ratios. Had Long Short not received the refund the annualized ratios of net expenses to average net assets and net investment income/(loss) to average net assets would have been:

	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 and reverse repurchase agreements			Ratio of Net Investment Income/ (Loss) to Average Net Assets
	Year Ended October 31, 2017
Long Short Institutional Class		1.80	%		1.32	%		0.12	%
Long Short Class A		2.16	%		1.68	%		(0.18	)%
Long Short Class C		2.90	%		2.43	%		(0.94	)%

f Consolidated financial highlights, see Note A in the Notes to Financial Statements.

g The Custodian Out-of-Pocket Expenses Refunded listed in Note G of the Notes to Financial Statements had no impact on the Long Short's total returns for the year ended October 31, 2017.

h Dividend and interest expense relating to short sales, which is a non-recurring expense for Global Allocation, is included in these ratios on a non-annualized basis.

i The class action proceeds listed in Note A-5 of the Notes to Financial Statements had no impact on the Funds' total returns for the six months ended April 30, 2018.

175

Directory

Investment Manager and Administrator

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

Distributor

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

Custodian

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

Shareholder Servicing Agent

DST Asset Manager Solutions Inc.
30 Dan Road
Canton, MA 02021

For Institutional Class Shareholders
Address correspondence to:

Neuberger Berman Investment Advisers LLC
1290 Avenue of the Americas, 22nd Floor
New York, NY 10104-0002
Intermediary Client Services 800.366.6264

For Class A, Class C and Class R6 Shareholders:

Please contact your investment provider

Legal Counsel

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

Independent Registered Public Accounting Firms

Ernst & Young LLP
200 Clarendon Street
Boston, MA 02116

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

176

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).

177

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178

Neuberger Berman Investment Advisers LLC
1290 Avenue of the Americas
New York, NY 10104-0002
Retail Services: 800.877.9700
Broker-Dealer and Institutional Services: 800.366.6264/888.556.9030
Web site: www.nb.com

Statistics and projections in this report are derived from sources deemed to be reliable but cannot be regarded as a representation of future results of the Funds. This report is prepared for the general information of shareholders and is not an offer of shares of the Funds. Shares are sold only through the currently effective prospectus which you can obtain by calling 877.628.2583. An investor should consider carefully a Fund's investment objectives, risks and fees and expenses, which are described in its prospectus, before investing.

L0088 06/18

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

Semi-Annual Report

April 30, 2018

Contents

PRESIDENT'S LETTER					1
PORTFOLIO COMMENTARY					2
FUND EXPENSE INFORMATION					6
CONSOLIDATED SCHEDULE OF INVESTMENTS					8
CONSOLIDATED FINANCIAL STATEMENTS					40
FINANCIAL HIGHLIGHTS (ALL CLASSES)/ PER SHARE DATA					61
Directory					65
Proxy Voting Policies and Procedures					66
Quarterly Portfolio Schedule					66
Board Consideration of Additional Sub-Advisory Agreement: BH-DG Systematic Trading LLP					67

The "Neuberger Berman" name and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA. ^_©2018 Neuberger Berman BD LLC, distributor. 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.

The global financial markets generated mixed results over the six months ended April 30, 2018.

Global equities posted strong returns over the first half of the reporting period, as corporate profits largely exceeded expectations. In the U.S., investors viewed the December 2017 tax reform bill as an additional tailwind to the economy. However, a portion of those gains were lost in February and March 2018, due both to concerns that the U.S. Federal Reserve (Fed) may raise interest rates more aggressively than previously anticipated and fears of a developing global trade war. Meanwhile, the U.S. fixed income market sold off, driven mainly by higher Treasury yields as the Fed raised interest rates twice and continued to reduce its balance sheet in a measured fashion. In the currency market, the U.S. dollar weakened over the first half of the period due to signs of growth abroad and concerns over an increasingly protectionist agenda. That said, the dollar began to recover in recent months due to increasing interest rate differentials between the U.S. and the rest of the world.

We continue to favor credit strategies, both corporate credit long/short and asset-backed, where we believe our subadvisers are well-positioned to outperform during periods of rising rates given their significant allocation to floating rate debt, low duration and attractive yields. We have maintained our substantial allocation to long/short equity strategies, as we anticipate low equity correlations and higher dispersion between stocks to persist as the effects of recent tax reform, trade policy and higher interest rates are priced differently in various companies' valuations. We have been trimming our allocation to merger arbitrage as, in our view, spreads have been less attractive than in recent years. Although spreads widened in April 2018, this was met with what appears to be some heightened regulatory risk. We will continue to monitor the environment before making any meaningful changes to the allocation. Finally, we have added to the global macro/managed futures allocation, as we believe that the current elevated level of market volatility has the potential to persist, and that factor has historically been a tailwind for these strategies.

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

Sincerely,

ROBERT CONTI
PRESIDENT AND CEO
NEUBERGER BERMAN MUTUAL FUNDS

Absolute Return Multi-Manager Fund Commentary (Unaudited)

Neuberger Berman Absolute Return Multi-Manager Fund Institutional Class generated a 0.09% total return for the six months ended April 30, 2018, outperforming its primary benchmark, the HFRX Global Hedge Fund Index, which posted a –0.13% total return for the same period. (Performance for all share classes is provided in the table following this letter.)

U.S. equities rallied with unusually low volatility for the first half of the semi-annual period until volatility picked up in the second half. U.S. fixed income sold off broadly, as 10-year U.S. Treasury yields moved higher, while 10-year government bond yields in several other developed economies were flat or slightly down. The U.S. dollar weakened overall for the period, although it started to rally in the last few weeks. Commodities rallied broadly for the period, led by a strong move higher for oil prices.

The Fund's allocation to long/short equity was the largest contributor to performance, followed by gains from credit and merger arbitrage/event driven, while global macro/managed futures detracted from results.

Positive performance from the Fund's long/short equity allocation was driven by gains from longs, which outweighed losses from shorts. From a sector perspective, large contributors included Industrials, Consumer Discretionary and equity index hedges, while Consumer Staples, Materials and Health Care were detractors.

In the credit allocation, gains from the asset-backed securities strategy came primarily from trust preferred securities, while losses in the corporate credit long/short strategy were concentrated in shorts that outpaced gains from longs.

Merger arbitrage/event driven strategies were the next largest contributors. In particular, several mergers progressed in the right direction, offsetting losses from some ongoing deals that have been relatively more volatile as a result of regulatory uncertainty.

The Fund's allocation to global macro/managed futures strategies detracted from performance. Gains from the managed futures strategy were outpaced by losses from the systematic currency strategy. Within managed futures, gains from commodities and interest rates outweighed losses from currencies. Losses in the systematic currency strategy were driven by long U.S. dollar positioning versus the euro.

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

We continue to position the Fund in a way that we believe will meet our expectations if interest rates remain unchanged, with potential for additional upside if interest rates continue to rise. The potential upside in the latter event is supported by the sub-adviser's focus on short duration within the credit sleeve, as well as interest rate positioning in the global macro/managed futures allocation. We recently reduced the allocation to credit strategies as spreads have tightened. We also reduced the allocation to merger arbitrage/event driven strategies, as we believe that recent spread widening is accurately reflecting higher regulatory and political risks in many deals. On the other hand, we increased the allocation to global macro/managed futures strategies given our anticipation of higher volatility ahead and the fact that those strategies have historically performed well in high volatility environments.

Sincerely,

DAVID KUPPERMAN, JEFF MAJIT AND FRED INGHAM
PORTFOLIO MANAGERS

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

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

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

Absolute Return Multi-Manager Fund (Unaudited)

TICKER SYMBOLS

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

PORTFOLIO BY TYPE OF SECURITY

(as a % of Total Net Assets)

	Long			Short
Asset-Backed Securities		6.9	%		—	%
Closed End Funds		0.4			—
Collateralized Mortgage Obligations		2.1			—
Commercial Mortgage-Backed Securities		6.4			—
Common Stocks		35.1			(7.5	)
Convertible Bonds		0.7			—
Convertible Preferred Stocks					—
Corporate Bonds		3.4			(0.4	)
Exchange Traded Funds					(0.8	)
Loan Assignments		4.6			—
Master Limited Partnerships		2.0			(0.1	)
Options Purchased		0.0			—
Preferred Stocks		0.1			(0.0	)
Rights		0.0			—
U.S. Treasury Obligations		0.1			—
Warrants		0.0			—
Short-Term Investments		29.4			—
Other Assets Less Liabilities		17.6	*		—
Total		108.8	%		(8.8	)%

* Includes the impact of the Fund's open positions in derivatives (other than Options Purchased), if any.

PERFORMANCE HIGHLIGHTS

		Six Month			Average Annual Total Return Ended 04/30/2018
	Inception Date	Period Ended 04/30/2018			1 Year			5 Years			Life of Fund
At NAV
Institutional Class	05/15/2012		0.09	%		2.76	%		1.60	%		2.16	%
Class A	05/15/2012		–0.09	%		2.41	%		1.23	%		1.79	%
Class C	05/15/2012		–0.49	%		1.60	%		0.47	%		1.04	%
Class R6³	12/31/2013		0.19	%		2.86	%		1.64	%		2.20	%
With Sales Charge
Class A			–5.84	%		–3.45	%		0.03	%		0.79	%
Class C			–1.48	%		0.60	%		0.47	%		1.04	%
Index
HFRX Global Hedge Fund Index^1,2			–0.13	%		2.86	%		1.18	%		1.85	%
S&P 500^® Index^1,2			3.82	%		13.27	%		12.96	%		14.50	%
Bloomberg Barclays U.S. Aggregate Bond Index^1,2			–1.87	%		–0.32	%		1.47	%		1.77	%

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

Returns would have been lower if Neuberger Berman Investment Advisers LLC ("Management") had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Consolidated 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 2017 were 2.72%, 3.16%, 3.85% and 2.43% for Institutional Class, Class A, Class C and Class R6 shares, respectively (before expense reimbursements and/or fee waivers, if any). The total annual operating expense ratios were 2.60%, 3.02%, 3.72% and 2.40% for Institutional Class, Class A, Class C and Class R6 shares, respectively, after expense reimbursements and/or fee waivers. The expense ratios for the semi-annual period ended April 30, 2018 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 S&P 500^® and the Bloomberg Barclays U.S. Aggregate Bond indices do not take into account any fees, expenses or tax consequences of investing in the individual securities that they track. The HFRX Global Hedge Fund index does take into account fees and expenses, but not tax consequences, of investing since it is based on the underlying hedge funds' net returns. Data about the performance of an index are prepared or obtained by Neuberger Berman Investment Advisers LLC and reflect the reinvestment of income dividends and other distributions, if any. The Fund may invest in securities not included in a described index and generally does not invest in all securities included in a described index.

2 The date used to calculate Life of Fund performance for the index is the inception date of the oldest share class.

3 The performance information for Class R6 prior to the class's inception date is that of the Institutional Class of Neuberger Berman Absolute Return Multi-Manager Fund. The performance information for the Institutional Class has not been adjusted to take into account differences in class specific operating expenses. The Institutional Class has higher expenses and typically lower returns than Class R6.

Glossary of Indices

Bloomberg Barclays U.S. Aggregate Bond Index:				The index measures the investment grade, U.S. dollar-denominated, fixed-rate, taxable bond market and includes Treasuries, government-related and corporate securities, mortgage-backed securities (MBS) (agency fixed-rate and hybrid adjustable rate mortgage (ARM) pass-throughs), asset-backed securities (ABS), and commercial mortgage-backed securities (CMBS) (agency and nonagency).
HFRX Global Hedge Fund Index:				The index is designed to be representative of the overall composition of the hedge fund universe. It is comprised of all eligible hedge fund strategies; including but not limited to convertible arbitrage, distressed securities, equity hedge, equity market neutral, event driven, macro, merger arbitrage, and relative value arbitrage. The strategies are asset weighted based on the distribution of assets in the hedge fund industry. Constituent funds are selected from an eligible pool of the more than 7,500 funds worldwide that report to the Hedge Fund Research (HFR) Database. Constituent funds must meet all of the following criteria: report monthly; report performance net of all fees; be U.S. dollar denominated; be active and accepting new investments; have a minimum 24 months track record; and the fund's manager must have at least $50 million in assets under management. The index is rebalanced quarterly.
S&P 500^® Index:				The index is a float-adjusted market capitalization-weighted index that focuses on the large-cap segment of the U.S. equity market, and includes a significant portion of the total value of the market.

Information About Your Fund's Expenses (Unaudited)

Actual Expenses and Performance:				The first section of the table provides information about actual account values and actual expenses in dollars, based on the Fund's actual performance during the period indicated. You may use the information in this line, together with the amount you invested, to estimate the expenses you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section of the table under the heading entitled "Expenses Paid During the Period" to estimate the expenses you paid over the period.
Hypothetical Example for Comparison Purposes:				The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return at 5% per year before expenses. This return is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Fund versus other funds. To do so, compare the expenses shown in this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Expense Example (Unaudited)

Neuberger Berman Alternative Funds
	ACTUAL										HYPOTHETICAL (5% ANNUAL RETURN BEFORE EXPENSES)
	Beginning Account Value 11/1/2017		Ending Account Value 4/30/2018		Expenses Paid During the Period⁽¹⁾11/1/2017 - 4/30/2018			Expense Ratio			Beginning Account Value 11/1/2017		Ending Account Value 4/30/2018		Expenses Paid During the Period⁽²⁾11/1/2017 - 4/30/2018			Expense Ratio
Absolute Return Multi-Manager Fund
Institutional Class	$	1,000.00	$	1,000.90	$	11.71	⁽³⁾		2.36	%	$	1,000.00	$	1,013.09	$	11.78	⁽³⁾		2.36	%
Class A	$	1,000.00	$	999.10	$	13.43	⁽³⁾		2.71	%	$	1,000.00	$	1,011.36	$	13.51	⁽³⁾		2.71	%
Class C	$	1,000.00	$	995.10	$	17.17	⁽³⁾		3.47	%	$	1,000.00	$	1,007.59	$	17.27	⁽³⁾		3.47	%
Class R6	$	1,000.00	$	1,001.90	$	11.37	⁽³⁾		2.29	%	$	1,000.00	$	1,013.44	$	11.43	⁽³⁾		2.29	%

(2) Hypothetical expenses are equal to the annualized expense ratios for each class, multiplied by the average account value over the period (assuming 5% annual return), multiplied by 181/365 (to reflect the one-half year period shown).

(3) Includes expenses of the Fund's subsidiary (See Note A of the Notes to Consolidated Financial Statements).

Consolidated Schedule of Investments Neuberger Berman Absolute Return Multi-Manager Fund (Unaudited) April 30, 2018

Investments	Shares		Value (000)
Long Positions 91.2%
Common Stocks 35.1%
Aerospace & Defense 0.8%
General Dynamics Corp.		1,900	$	383
Orbital ATK, Inc.^(a)		5,100		675
Raytheon Co.		1,905		390
Rockwell Collins, Inc.^(a)		5,400		716
Sparton Corp.*^(a)		5,200		96
				2,260
Air Freight & Logistics 0.5%
FedEx Corp.		5,921		1,464
Airlines 0.0%^(b)
American Airlines Group, Inc.*^(c)(d)		14,383		17
Auto Components 0.2%
Aptiv plc		5,365		454
Automobiles 0.1%
General Motors Co.		11,060		406
Banks 1.4%
Bank of America Corp.		21,935		656
Barclays plc (United Kingdom)		74,922		214
Citigroup, Inc.		9,650		659
Citizens Financial Group, Inc.		16,760		695
Comerica, Inc.		7,705		729
JPMorgan Chase & Co.		5,885		640
Societe Generale SA (France)		8,332		456
				4,049
Beverages 0.0%^(b)
Dr Pepper Snapple Group, Inc.		500		60
Biotechnology 0.7%
Ablynx NV (Belgium)*		14,423		777
Avexis, Inc.*^(a)		2,900		617
BioMarin Pharmaceutical, Inc.*		4,810		402
Grifols SA, ADR (Spain)^(a)		4,400		89
Shire plc, ADR		200		32
				1,917
Building Products 0.0%^(b)
USG Corp.*^(a)		700		28
Capital Markets 0.7%
Actua Corp.*^(c)(d)(e)		6,700		7

Investments	Shares		Value (000)
Amundi SA (France)^(f)		5,900	$	502
Avista Healthcare Public Acquisition Corp., Class A*^(a)		200		2
Ditech Holding Corp.*		2,480		14
Goldman Sachs Group, Inc. (The)		2,760		658
J2 Acquisition Ltd. (United Kingdom)*^(f)		6,800		64
Modern Media Acquisition Corp.*^(a)		13,200		131
Mudrick Capital Acquisition Corp., Class A*		17,596		182
National Energy Services Reunited Corp.*^(a)		15,200		153
Nebula Acquisition Corp.*^(a)		7,100		72
Osprey Energy Acquisition Corp.*^(a)		18,600		179
Pensare Acquisition Corp.*^(a)		5,800		57
				2,021
Chemicals 1.8%
A Schulman, Inc.^(a)		9,200		395
Air Products & Chemicals, Inc.		4,334		703
Ashland Global Holdings, Inc.		3,660		242
Croda International plc (United Kingdom)		4,294		263
DowDuPont, Inc.		19,718		1,247
Monsanto Co.^(a)		10,600		1,329
WR Grace & Co.		14,795		1,012
				5,191
Communications Equipment 0.2%
Mitel Networks Corp.*		2,900		32
Motorola Solutions, Inc.		5,300		582
				614
Construction Materials 0.3%
HeidelbergCement AG (Germany)		9,437		923
Containers & Packaging 0.1%
Ball Corp.		8,758		351
Diversified Financial Services 0.2%
Voya Financial, Inc.		11,869		621

Investments	Shares		Value (000)
Diversified Telecommunication Services 0.0%^(b)
Intelsat SA*		2,191	$	21
Electric Utilities 0.6%
American Electric Power Co., Inc.		2,106		147
Edison International		1,125		74
Exelon Corp.		8,767		348
FirstEnergy Corp.		3,765		130
Great Plains Energy, Inc.		11,549		378
NextEra Energy, Inc.		1,271		208
PG&E Corp.		7,800		360
Westar Energy, Inc.^(a)		2,298		124
				1,769
Electrical Equipment 0.1%
General Cable Corp.		14,100		418
Electronic Equipment, Instruments & Components 0.8%
Axis Communications AB (Sweden)		16,400		629
FLIR Systems, Inc.		17,279		926
Orbotech Ltd. (Israel)*		7,500		438
VeriFone Systems, Inc.*^(a)		8,700		200
				2,193
Energy Equipment & Services 0.3%
C&J Energy Services, Inc.*		23,141		691
Fairmount Santrol Holdings, Inc.*		13,279		73
US Silica Holdings, Inc.		1,064		32
				796
Equity Real Estate Investment Trusts (REITs) 0.4%
DCT Industrial Trust, Inc.		400		26
GGP, Inc.		4,100		82
New York REIT, Inc.*^(a)		11,511		249
VICI Properties, Inc.*^(c)(d)		6,835		120
VICI Properties, Inc.		43,428		789
				1,266
Food & Staples Retailing 0.3%
Cia Brasileira de Distribuicao, ADR (Brazil)*		4,459		100
Magnit PJSC, GDR (Russia)^(f)		7,182		136

See Notes to Consolidated Financial Statements

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

Investments	Shares		Value (000)
Rite Aid Corp.*^(a)		16,825	$	28
Wal-Mart de Mexico SAB de CV (Mexico)		59,932		166
Walmart, Inc.		2,585		229
X5 Retail Group NV, GDR (Russia)*^(f)		11,765		335
				994
Gas Utilities 0.1%
Atmos Energy Corp.		1,801		157
Health Care Equipment & Supplies 0.7%
Danaher Corp.		8,257		828
NxStage Medical, Inc.*^(a)		9,200		245
Smith & Nephew plc (United Kingdom)		7,345		141
West Pharmaceutical Services, Inc.		1,803		159
Zimmer Biomet Holdings, Inc.^(a)		4,793		552
				1,925
Health Care Providers & Services 0.9%
Aetna, Inc.		7,105		1,272
Humana, Inc.		3,210		944
Kindred Healthcare, Inc.*		12,700		113
Shanghai Pharmaceuticals Holding Co. Ltd., Class H (China)		57,371		157
Sinopharm Group Co. Ltd., Class H (China)		32,206		136
				2,622
Hotels, Restaurants & Leisure 0.9%
Belmond Ltd., Class A (United Kingdom)*^(a)		3,000		32
Boyd Gaming Corp.		20,067		666
Carnival Corp.		6,430		406
Tropicana Entertainment, Inc.*		12,249		867
Vail Resorts, Inc.		3,220		738
				2,709
Household Durables 0.2%
Lennar Corp., Class A		8,085		427
Lennar Corp., Class B^(a)		5,687		243
				670

Investments	Shares		Value (000)
Household Products 0.1%
HRG Group, Inc.*		15,300	$	172
Independent Power and Renewable Electricity Producers 0.3%
Atlantica Yield plc (Spain)		28,108		565
NextEra Energy Partners LP		4,775		199
NRG Energy, Inc.		1,038		32
Pattern Energy Group, Inc., Class A		7,623		138
				934
Industrial Conglomerates 0.1%
Smiths Group plc (United Kingdom)		7,562		166
Insurance 1.5%
Admiral Group plc (United Kingdom)		5,578		153
AIA Group Ltd. (Hong Kong)		108,103		966
American International Group, Inc.		19,661		1,101
AmTrust Financial Services, Inc.		5,500		71
Aon plc		3,950		563
RSA Insurance Group plc (United Kingdom)		55,776		503
Validus Holdings Ltd.^(a)		7,100		481
XL Group Ltd. (Bermuda)^(a)		10,900		606
				4,444
Internet & Direct Marketing Retail 1.0%
Amazon.com, Inc.*		621		973
ASOS plc (United Kingdom)*		1,320		106
Booking Holdings, Inc.*		222		483
Expedia Group, Inc.		3,254		375
Netflix, Inc.*		2,280		712
zooplus AG (Germany)*		1,343		278
				2,927
Internet Software & Services 2.7%
Alibaba Group Holding Ltd., ADR (China)*		6,493		1,159
Alphabet, Inc., Class A*		1,524		1,553
Baidu, Inc., ADR (China)*		1,319		331

Investments	Shares		Value (000)
CommerceHub, Inc.*		5,900	$	134
eBay, Inc.*		19,332		732
Facebook, Inc., Class A*		8,205		1,411
Mail.Ru Group Ltd., GDR (Russia)*^(f)		4,039		128
MercadoLibre, Inc. (Argentina)		1,420		482
MuleSoft, Inc., Class A*		14,000		624
Tencent Holdings Ltd. (China)		20,476		1,007
Yandex NV, Class A (Russia)*		4,174		139
				7,700
IT Services 0.8%
Blackhawk Network Holdings, Inc.*		19,400		871
Everi Holdings, Inc.*		85,478		548
MoneyGram International, Inc.*^(a)		3,100		27
PayPal Holdings, Inc.*		6,523		487
Visa, Inc., Class A		3,840		487
				2,420
Life Sciences Tools & Services 0.5%
Gerresheimer AG (Germany)		16,668		1,356
Machinery 0.3%
Dover Corp.		6,217		576
Evoqua Water Technologies Corp.*		15,521		317
				893
Media 2.9%
Charter Communications, Inc., Class A*		505		137
China Literature Ltd. (China)*^(f)		13		—	^(g)
Discovery, Inc., Class C*		3,650		81
DISH Network Corp., Class A*		10,159		341
GCI Liberty, Inc., Class A*^(a)		4,489		200
Global Eagle Entertainment, Inc.*		99,624		116
Gray Television, Inc.*		32,021		362
ITV plc (United Kingdom)		337,547		702

See Notes to Consolidated Financial Statements

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

Investments	Shares		Value (000)
Liberty Global plc, Class C (United Kingdom)*		8,040	$	234
Loral Space & Communications, Inc.*^(a)		12,783		497
Nexstar Media Group, Inc., Class A		3,582		223
Sinclair Broadcast Group, Inc., Class A		13,565		385
Sirius XM Holdings, Inc.^(a)		32,693		207
Stroeer SE & Co. KGaA (Germany)		31,790		2,327
Time Warner, Inc.^(a)		19,165		1,817
Tribune Co. Litigation, Class 1C*^(c)(d)(e)		300,000		—
Tribune Media Co., Class A^(a)		13,400		506
Twenty-First Century Fox, Inc., Class B		3,400		123
				8,258
Metals & Mining 0.3%
Constellium NV, Class A (Netherlands)*		53,737		610
Pretium Resources, Inc. (Canada)*		58,941		397
				1,007
Multi-Utilities 0.2%
Ameren Corp.		1,472		86
Public Service Enterprise Group, Inc.		3,002		157
Sempra Energy		1,962		219
				462
Oil, Gas & Consumable Fuels 2.7%
Alta Mesa Resources, Inc.*^(a)		200		2
Antero Midstream GP LP		29,144		502
Cheniere Energy, Inc.*		12,251		713
Devon Energy Corp.		15,180		551
Enbridge Energy Management LLC*^(c)(d)(e)		2,364		—	^(g)
EnLink Midstream LLC		997		15
EOG Resources, Inc.		3,575		422
Gener8 Maritime, Inc.*		19,338		111

Investments	Shares		Value (000)
Golar LNG Ltd. (Bermuda)		7,662	$	246
Halcon Resources Corp.*		82,191		441
Kinder Morgan, Inc.		20,016		317
Midstates Petroleum Co., Inc.*		63,383		887
NextDecade Corp.*		18,990		128
ONEOK, Inc.		8,917		537
Pembina Pipeline Corp. (Canada)		13,411		427
Pioneer Natural Resources Co.		2,400		484
Plains GP Holdings LP, Class A		19,560		474
RSP Permian, Inc.*		5,500		273
SandRidge Energy, Inc.*		10,859		158
SM Energy Co.		11,829		283
Targa Resources Corp.		6,746		317
Tellurian, Inc.*		2,152		20
TransCanada Corp. (Canada)		3,743		159
Williams Cos., Inc. (The)		6,646		171
				7,638
Paper & Forest Products 0.1%
KapStone Paper and Packaging Corp.		8,800		303
Personal Products 0.2%
Edgewell Personal Care Co.*		12,593		555
Pharmaceuticals 0.9%
Akorn, Inc.*^(a)		14,200		205
Allergan plc		10,812		1,661
Aralez Pharmaceuticals, Inc. (Canada)*^(a)		345		—	^(g)
Bristol-Myers Squibb Co.		6,615		345
Dr Reddy's Laboratories Ltd., ADR (India)		3,864		125
Hikma Pharmaceuticals plc (Jordan)		17,797		314
Teva Pharmaceutical Industries Ltd., ADR (Israel)		3,167		57
				2,707

Investments	Shares		Value (000)
Professional Services 0.8%
Ceridian HCM Holding, Inc.*		830	$	26
Equifax, Inc.		5,480		614
IHS Markit Ltd.*		15,910		782
Intertrust NV (Netherlands)^(f)		1,072		21
TriNet Group, Inc.*		15,555		804
				2,247
Road & Rail 0.2%
CSX Corp.		7,540		448
Semiconductors & Semiconductor Equipment 1.5%
Analog Devices, Inc.		5,710		499
Broadcom, Inc.		3,497		802
Cavium, Inc.*		9,000		675
Lattice Semiconductor Corp.*^(a)		5,200		28
Microsemi Corp.*		6,900		446
NXP Semiconductors NV (Netherlands)*		16,050		1,684
QUALCOMM, Inc.^(a)		1,100		56
				4,190
Software 1.0%
Activision Blizzard, Inc.		5,645		374
Dell Technologies, Inc., Class V*^(a)		1,850		133
Micro Focus International plc, ADR (United Kingdom)		555		10
Microsoft Corp.		20,647		1,931
salesforce.com, Inc.*		3,170		383
				2,831
Specialty Retail 1.9%
AutoZone, Inc.*		1,437		897
Finish Line, Inc. (The), Class A		1,300		18
Hennes & Mauritz AB, Class B (Sweden)		16,569		285
Pets at Home Group plc (United Kingdom)		18,604		39
Sports Direct International plc (United Kingdom)*		426,928		2,364
Tiffany & Co.		17,999		1,851
				5,454

See Notes to Consolidated Financial Statements

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

Investments	Shares		Value (000)
Technology Hardware, Storage & Peripherals 0.7%
Apple, Inc.		5,616	$	928
Samsung Electronics Co. Ltd., GDR (South Korea)^(f)		420		514
Western Digital Corp.		5,630		444
Xerox Corp.^(a)		3,100		97
				1,983
Textiles, Apparel & Luxury Goods 0.9%
Burberry Group plc (United Kingdom)		2,333		59
Michael Kors Holdings Ltd.*		5,809		397
NIKE, Inc., Class B		7,412		507
PVH Corp.		6,582		1,051
Tapestry, Inc.		9,005		484
				2,498
Thrifts & Mortgage Finance 0.0%^(b)
PHH Corp.*		6,000		64
Tobacco 0.3%
Philip Morris International, Inc.		11,120		912
Trading Companies & Distributors 0.5%
Brenntag AG (Germany)		26,556		1,521
Transportation Infrastructure 0.1%
Macquarie Infrastructure Corp.		9,471		359
Water Utilities 0.1%
American Water Works Co., Inc.		2,074		180
Wireless Telecommunication Services 0.2%
T-Mobile US, Inc.*		7,515		455
Total Common Stocks (Cost $95,690)				101,000
	Principal Amount
Asset-Backed Securities 6.9%
Allegro CLO III Ltd. Series 2015-1A, Class DR, (ICE LIBOR USD 3 Month + 2.65%), 5.01%, 7/25/2027^(h)(i)	$	1,000,000		1,001

Investments	Principal Amount		Value (000)
Atlas Senior Loan Fund V Ltd. Series 2014-1A, Class DR2, (ICE LIBOR USD 3 Month + 4.00%), 6.35%, 7/16/2029^(h)(i)	$	1,000,000	$	1,011
Carlyle Global Market Strategies CLO Ltd. Series 2013-3A, Class CR, (ICE LIBOR USD 3 Month + 2.45%), 4.80%, 10/15/2030^(h)(i)		1,000,000		993
Catamaran CLO Ltd. Series 2015-1A, Class DR, (ICE LIBOR USD 3 Month + 2.80%), 5.16%, 4/22/2027^(h)(i)		1,000,000		1,001
CIFC Funding Ltd. Series 2016-1A, Class D, (ICE LIBOR USD 3 Month + 4.00%), 6.36%, 10/21/2028^(h)(i)		1,000,000		1,012
CWABS Asset-Backed Certificates Trust Series 2005-7, Class AF4, 4.87%, 10/25/2035^(j)		144,419		146
DT Auto Owner Trust Series 2015-1A, Class D, 4.26%, 2/15/2022^(h)		1,274,434		1,282
Jamestown CLO III Ltd. Series 2013-3A, Class C, (ICE LIBOR USD 3 Month + 3.30%), 5.65%, 1/15/2026^(h)(i)		1,250,000		1,252
JP Morgan Mortgage Acquisition Trust Series 2007-CH1, Class AF6, 4.96%, 11/25/2036^(k)		139,750		140

Investments	Principal Amount		Value (000)
Madison Park Funding XIV Ltd. Series 2014-14A, Class DR, (ICE LIBOR USD 3 Month + 3.25%), 5.61%, 7/20/2026^(h)(i)	$	1,000,000	$	1,002
Ocean Trails CLO V Series 2014-5A, Class DR, (ICE LIBOR USD 3 Month + 3.60%), 5.94%, 10/13/2026^(h)(i)		1,000,000		1,002
OFSI Fund V Ltd. Series 2013-5A, Class B2L, (ICE LIBOR USD 3 Month + 5.25%), 7.60%, 4/17/2025^(h)(i)		1,000,000		1,001
OHA Loan Funding Ltd. Series 2012-1A, Class DR, (ICE LIBOR USD 3 Month + 4.15%), 6.51%, 1/23/2027^(h)(i)		1,000,000		1,011
OZLM XII Ltd. Series 2015-12A, Class C, (ICE LIBOR USD 3 Month + 3.70%, 3.70% Floor), 6.06%, 4/30/2027^(h)(i)		1,000,000		1,002
Sound Harbor Loan Fund Ltd. Series 2014-1A, Class CR, (ICE LIBOR USD 3 Month + 3.90%), 6.26%, 10/30/2026^(h)(i)		1,500,000		1,503
TICP CLO I Ltd. Series 2015-1A, Class DR, (ICE LIBOR USD 3 Month + 2.50%), 4.86%, 7/20/2027^(h)(i)		1,362,500		1,344

See Notes to Consolidated Financial Statements

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

Investments	Principal Amount		Value (000)
TICP CLO II-2 Ltd. Series 2018-IIA, Class C, (ICE LIBOR USD 3 Month + 2.95%, 2.95% Floor), 5.45%, 4/20/2028^(h)(i)	$	1,000,000	$	995
Voya CLO Ltd. Series 2014-3A, Class CR, (ICE LIBOR USD 3 Month + 2.65%), 5.01%, 7/25/2026^(h)(i)		1,000,000		1,001
Z Capital Credit Partners CLO Ltd. Series 2015-1A, Class DR, (ICE LIBOR USD 3 Month + 3.10%, 3.10% Floor), 5.45%, 7/16/2027^(h)(i)		2,000,000		2,002
Total Asset-Backed Securities (Cost $19,686)				19,701
Commercial Mortgage-Backed Securities 6.4%
BAMLL Commercial Mortgage Securities Trust Series 2013-DSNY, Class F, (ICE LIBOR USD 1 Month + 3.50%, 3.50% Floor), 5.40%, 9/15/2026^(h)(i)		3,000,000		2,996
Series 2014-ICTS, Class E, (ICE LIBOR USD 1 Month + 2.95%, 2.95% Floor), 4.85%, 6/15/2028^(h)(i)		3,000,000		2,992
COMM Mortgage Trust Series 2014-PAT, Class E, (ICE LIBOR USD 1 Month + 3.15%, 3.15% Floor), 5.05%, 8/13/2027^(h)(i)		4,800,000		4,852

Investments	Principal Amount		Value (000)
GS Mortgage Securities Trust Series 2013-GC12, Class D, 4.58%, 6/10/2046^(h)(j)	$	2,000,000	$	1,729
JP Morgan Chase Commercial Mortgage Securities Trust Series 2014-PHH, Class E, (ICE LIBOR USD 1 Month + 3.55%), 5.45%, 8/15/2027^(h)(i)		1,910,000		1,910
Series 2014-CBM, Class E, (ICE LIBOR USD 1 Month + 3.85%, 3.85% Floor), 5.75%, 10/15/2029^(h)(i)		1,700,000		1,700
Lone Star Portfolio Trust Series 2015-LSP, Class E, (ICE LIBOR USD 1 Month + 5.60%, 5.60% Floor), 7.50%, 9/15/2028^(h)(i)		1,109,189		1,119
Palisades Center Trust Series 2016-PLSD, Class D, 4.74%, 4/13/2033^(h)		1,000,000		985
Total Commercial Mortgage-Backed Securities (Cost $18,279)				18,283
Loan Assignments 4.6%
Auto Components 0.0%^(b)
Horizon Global Corporation, Term Loan B 2/16/2024^(d)(l)(m)		64,000		65
Building Products 0.0%^(b)
Janus International Group LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 0.03%), 4.90%, 2/12/2025⁽ⁱ⁾		51,000		50

Investments	Principal Amount		Value (000)
Capital Markets 0.1%
Crown Finance Holdings, Inc., Term Loan (ICE LIBOR USD 1 Month + 0.03%), 4.40%, 2/28/2025⁽ⁱ⁾	$	178,000	$	178
Chemicals 0.2%
Cyanco Intermediate Corp. 2nd Lien Term Loan (ICE LIBOR USD 6 Month + 0.08%), 9.67%, 3/6/2026^(d)(i)		129,000		127
GrafTech International Ltd., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 0.04%), 5.40%, 2/12/2025^(d)(i)		446,000		448
				575
Commercial Services & Supplies 0.1%
Paradigm Acquisition Corp., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 4.25%), 6.70%, 10/11/2024⁽ⁱ⁾		282,293		284
Paradigm Acquisition Corp., 2nd Lien Term Loan (ICE LIBOR USD 3 Month + 8.50%), 10.97%, 10/10/2025^(d)(i)		129,000		130
				414
Diversified Telecommunication Services 0.3%
Intelsat Jackson Holdings SA, Term Loan (ICE LIBOR USD 3 Month + 0.04%), 5.71%, 11/27/2023⁽ⁱ⁾		71,000		71
Learning Care Group (US) No. 2 Inc., Term Loan (ICE LIBOR USD 3 Month + 0.03%), 5.42%, 3/13/2025^(d)(i)		93,000		93

See Notes to Consolidated Financial Statements

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

Investments	Principal Amount		Value (000)
Securus Holdings, Inc., Term Loan (ICE LIBOR USD 1 Month + 0.08%), 10.15%, 11/1/2025⁽ⁱ⁾	$	271,000	$	274
US TelePacific Corp., Term Loan (ICE LIBOR USD 3 Month + 0.05%), 7.30%, 5/2/2023⁽ⁱ⁾		376,053		367
				805
Energy Equipment & Services 0.5%
Seadrill Operating LP, Term Loan B (ICE LIBOR USD 3 Month + 3.00%), 8.30%, 2/21/2021^(i)(l)(m)		1,744,601		1,491
Food Products 0.1%
Del Monte Foods, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.25%), 5.15%, 2/18/2021⁽ⁱ⁾		81,720		69
Give & Go Prepared Foods Corp., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 4.25%), 6.19%, 7/29/2023^(d)(i)		355,215		356
				425
Health Care Providers & Services 1.1%
21st Century Oncology Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 0.06%), 8.48%, 1/16/2023⁽ⁱ⁾		3,307,349		3,172
Capital Vision Services LLC, 2nd Lien Term Loan (ICE LIBOR USD 3 Month + 0.07%), 8.54%, 2/6/2026^(d)(i)		83,000		82

Investments	Principal Amount		Value (000)
Capital Vision Services LLC, Term Loan (ICE LIBOR USD 3 Month + 0.03%), 4.79%, 2/6/2025⁽ⁱ⁾	$	22,000	$	22
				3,276
Household Durables 0.0%^(b)
Traeger Pellet Grills LLC, 2nd Lien Term Loan (ICE LIBOR USD 3 Month + 8.50%), 10.80%, 9/25/2025^(d)(i)		114,000		115
Insurance 0.9%
AmTrust Financial Services, Inc., 2nd Lien Term Loan (ICE LIBOR USD 1 Month + 0.09%), 10.40%, 3/2/2026^(d)(i)		254,000		253
AmTrust Financial Services, Inc., Term Loan B (ICE LIBOR USD 1 Month + 0.05%), 6.40%, 2/28/2025⁽ⁱ⁾		150,000		151
Confie Seguros Holding II Co., 2nd Lien Term Loan (ICE LIBOR USD 3 Month + 0.10%), 11.48%, 5/8/2019⁽ⁱ⁾		1,218,000		1,183
Confie Seguros Holding II Co., Term Loan B (ICE LIBOR USD 3 Month + 0.05%), 7.23%, 4/19/2022⁽ⁱ⁾		860,113		861
				2,448
IT Services 0.2%
Access CIG LLC,		172,086		174
Term Loan (ICE LIBOR USD 1 Month + 0.04%), 5.65%, 2/27/2025⁽ⁱ⁾

Investments	Principal Amount		Value (000)
Convergint	$	206,839	$206 Technologies LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 0.03%), 5.30%, 2/3/2025^(d)(i)
Syniverse Holdings, Inc., Term Loan (ICE LIBOR USD 6 Month + 0.05%), 6.90%, 3/9/2023⁽ⁱ⁾		139,000		140
				520
Leisure Products 0.1%
PlayCore, Inc., 2nd Lien Term Loan (ICE LIBOR USD 3 Month + 7.75%), 10.20%, 9/29/2025^(d)(i)		238,000		235
Machinery 0.1%
HydroChem LLC, 2nd Lien Term Loan (ICE LIBOR USD 1 Month + 8.50%), 10.40%, 10/11/2025^(d)(i)		218,000		216
Media 0.2%
Cenveo Corp. Term Loan (ICE LIBOR USD 1 Month + 0.08%), 9.92%, 11/2/2018^(c)(d)(i)		499,410		489
Mortgage Real Estate Investment Trusts (REITs) 0.0%^(b)
DTZ US Borrower LLC, Term Loan (ICE LIBOR USD 3 Month + 0.03%), 5.36%, 11/4/2021⁽ⁱ⁾		22,941		23
Multiline Retail 0.2%
JC Penney Corp., Inc., Term Loan (ICE LIBOR USD 3 Month + 4.25%), 6.23%, 6/23/2023⁽ⁱ⁾		680,834		663

See Notes to Consolidated Financial Statements

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

Investments	Principal Amount		Value (000)
Oil, Gas & Consumable Fuels 0.1%
Southcross Energy Partners LP, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.25%), 6.55%, 8/4/2021⁽ⁱ⁾	$	334,613	$	330
Software 0.3%
Digicert Holdings, Inc., Term Loan (ICE LIBOR USD 1 Month + 8.00%), 9.90%, 10/31/2025⁽ⁱ⁾		137,000		137
Mcafee LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 4.50%), 6.40%, 9/30/2024⁽ⁱ⁾		345,265		350
Mcafee LLC, Term Loan (ICE LIBOR USD 1 Month + 8.50%), 10.40%, 9/29/2025⁽ⁱ⁾		260,000		263
				750
Specialty Retail 0.1%
Mavis Tire Express, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 0.03%), 5.15%, 3/15/2025^(d)(i)		127,576		127
Mavis Tire Express, Delayed Draw 1st Lien Term Loan (ICE LIBOR USD 6 Month + 0.03%), 0.15%, 3/15/2025^(d)(i)		608		1
Trico Group LLC, 1st Lien Term Loan (ICE LIBOR USD 6 Month + 0.07%), 8.48%, 2/2/2024^(d)(i)		75,000		75
				203
Total Loan Assignments (Cost $13,216)				13,271

Investments	Principal Amount		Value (000)
Corporate Bonds 3.4%
Beverages 0.3%
CEDC Finance Corp. International, Inc. (Poland) 10.00%, 12/31/2022^(h)	$	950,708	$	776
Capital Markets 0.2%
Compass Diversified Holdings 8.00%, 5/1/2026^(h)		469,000		466
Chemicals 0.2%
Hexion, Inc. 6.63%, 4/15/2020		214,000		201
4/15/2020 10.00%,		215,000		212
2/1/2022^(h) 10.38%,		215,000		209
Momentive Performance Materials, Inc. 10.00%, 10/15/2020^(c)(d)(e)(n)		613,000		—
				622
Commercial Services & Supplies 0.7%
Corporate Risk Holdings LLC 9.50%, 7/1/2019^(h)		2,026,000		2,112
Construction & Engineering 0.1%
ABG Orphan Holdco Sarl (Spain) 5.00%, 2/28/2021^(f)(o)		238,310		253
Diversified Telecommunication Services 0.4%
Frontier Communications Corp. 9.00%, 8/15/2031		431,000		264
Intelsat Jackson Holdings SA (Luxembourg) 9.75%, 7/15/2025^(h)		951,000		932
				1,196
Equity Real Estate Investment Trusts (REITs) 0.1%
VICI Properties 1 LLC 8.00%, 10/15/2023		190,842		212

Investments	Principal Amount		Value (000)
Independent Power and Renewable Electricity Producers 0.5%
GenOn Energy, Inc. 9.50%, 10/15/2018⁽ⁿ⁾	$	168,000	$	137
10/15/2020⁽ⁿ⁾ 9.88%,		1,657,000		1,355
				1,492
Internet & Direct Marketing Retail 0.2%
Netflix, Inc. 4.38%, 11/15/2026		777,000		728
Media 0.3%
AMC Networks, Inc. 4.75%, 8/1/2025		246,000		233
Cenveo Corp. 6.00%, 8/1/2019^(h)(n)		1,569,000		643
				876
Oil, Gas & Consumable Fuels 0.4%
Cobalt International Energy, Inc. 7.75%, 12/1/2023⁽ⁿ⁾		1,001,000		525
Denbury Resources, Inc. 9.00%, 5/15/2021^(h)		144,000		151
3/31/2022^(h) 9.25%,		378,000		393
Jones Energy Holdings LLC 9.25%, 3/15/2023^(h)		118,000		115
Midstates Petroleum Co., Inc. Escrow 10.00%, 6/1/2020^(c)(d)(e)(n)		1,848,000		—
				1,184
Total Corporate Bonds (Cost $10,727)				9,917
Collateralized Mortgage Obligations 2.1%
Alternative Loan Trust Series 2005-21CB, Class A17, 6.00%, 6/25/2035		1,046,116		1,039
Chase Mortgage Finance Trust Series 2007-A2, Class 3A2, 3.79%, 7/25/2037^(j)		261,883		258

See Notes to Consolidated Financial Statements

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

Investments	Principal Amount		Value (000)
Citicorp Mortgage Securities Trust Series 2006-3, Class 1A10, 6.25%, 6/25/2036	$	1,602,445	$	1,642
FNMA Series 2016-C05, Class 2M2, (ICE LIBOR USD 1 Month + 4.45%, 4.45% Floor), 6.35%, 1/25/2029⁽ⁱ⁾		1,000,000		1,126
Class 1M2, (ICE LIBOR USD 1 Month + 4.25%), 6.15%, 4/25/2029⁽ⁱ⁾ Series 2016-C06,		1,000,000		1,138
MASTR Alternative Loan Trust Series 2004-10, Class 4A1, 6.00%, 9/25/2019		43,303		44
WaMu Mortgage Pass-Through Certificates Trust Series 2004-S1, Class 1A11, 5.50%, 3/25/2034		91,008		91
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust Series 2005-1, Class 1A1, 5.50%, 3/25/2035		412,587		406
Wells Fargo Mortgage Backed Securities Trust Series 2007-14, Class 1A1, 6.00%, 10/25/2037		360,757		357
Total Collateralized Mortgage Obligations (Cost $5,992)				6,101
	Shares
Master Limited Partnerships 2.0%
Capital Markets 0.2%
Blackstone Group LP (The)		14,030		434
Energy Equipment & Services 0.1%
USA Compression Partners LP		13,843		248

Investments	Shares		Value (000)
Oil, Gas & Consumable Fuels 1.7%
Boardwalk Pipeline		18,201		$207 Partners LP
Crestwood Equity Partners LP		12,768		349
Enable Midstream Partners LP		9,627		138
Energy Transfer Equity LP		33,566		530
Energy Transfer Partners LP		12,366		223
EnLink Midstream Partners LP		1,473		21
Enterprise Products Partners LP		26,539		712
EQT GP Holdings LP		15,181		379
EQT Midstream Partners LP		752		42
Magellan Midstream Partners LP		4,430		292
MPLX LP		11,147		394
NGL Energy Partners LP		3,950		50
Noble Midstream Partners LP		11,849		533
Oasis Midstream Partners LP		22,053		394
Plains All American Pipeline LP		4,551		107
Summit Midstream Partners LP		1,556		24
Western Gas Equity Partners LP		7,786		264
Western Gas Partners LP		1,907		92
Williams Partners LP		7,312		266
				5,017
Total Master Limited Partnerships (Cost $5,921)				5,699
	Principal Amount
Convertible Bonds 0.7%
Internet Software & Services 0.3%
Twitter, Inc. 0.25%, 9/15/2019	$	743,000		711
Media 0.4%
DISH Network Corp. 3.38%, 8/15/2026		1,397,000		1,268
Oil, Gas & Consumable Fuels 0.0%^(b)
Cobalt International Energy, Inc. 2.63%, 12/1/2019⁽ⁿ⁾		318,000		—	^(g)
Total Convertible Bonds (Cost $2,293)				1,979

Investments	Shares		Value (000)
Closed End Funds 0.4%
Internet Software & Services 0.4%
Altaba, Inc.^(a)(Cost $543)*		14,700	$	1,030
Preferred Stocks 0.1%
Media 0.0%^(b)
GCI Liberty, Inc., Series A, 5.00%, 3/10/2039^(a)(p)		1,860		44
Thrifts & Mortgage Finance 0.1%
FNMA, Series S (ICE LIBOR USD 3 Month + 4.23%), 8.25%, 12/31/2020*^(i)(p)		27,385		175
Total Preferred Stocks (Cost $281)				219
	Principal Amount
U.S. Treasury Obligations 0.1%
U.S. Treasury Bonds 3.00%, 2/15/2047 (Cost $193)	$	185,000		181
	No. of Rights
Rights 0.0%^(b)
Biotechnology 0.0%^(b)
Ambit Biosciences Corp. (Daiichi Sankyo Co. Ltd.), CVR*^(c)(d)(e)		70,000		42
Chelsea Therapeutics, Inc. Escrow (H Lundbeck A/S), CVR (Denmark)*^(c)(d)(e)		3,500		—
Dyax Corp., CVR*^(c)(d)(e)		40,350		45
Tobira Therapeutics, Inc., CVR*^(c)(d)(e)		6,900		1
				88
Health Care Providers & Services 0.0%^(b)
Community Health Systems, Inc., CVR*^(a)		19,082		—	^(g)
Media 0.0%
Media General, Inc., CVR*^(c)(d)(e)		76,116		—

See Notes to Consolidated Financial Statements

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

Investments	No. of Rights		Value (000)
Pharmaceuticals 0.0%
Omthera Pharmaceuticals, Inc. (AstraZeneca plc), CVR (United Kingdom)*^(c)(d)(e)		100	$	—
Total Rights (Cost $24)				88
	No. of Warrants
Warrants 0.0%^(b)
Capital Markets 0.0%^(b)
J2 Acquisition Ltd., expiring 9/7/2027*		9,800		5
Matlin and Partners Acquisition Corp., expiring 5/28/2021*		21,837		11
Mudrick Capital Acquisition Corp., expiring 3/12/2019*		17,596		10
Osprey Energy Acquisition Corp., expiring 8/15/2022*^(a)		9,300		7
				33
Thrifts & Mortgage Finance 0.0%^(b)
Ditech Holding Corp., expiring 1/31/2028*^(c)(e)		7,904		1
Total Warrants (Cost $9)				34
	Shares
Short-Term Investments 29.4%
Investment Companies 29.4%
Morgan Stanley Institutional Liquidity Funds Treasury Portfolio Institutional Class, 1.58%^(q)(r)		84,486,084		84,486
Western Asset Institutional US Treasury Reserves Ltd., 1.00%^(q)(r)		58,562		59
Total Investment Companies (Cost $84,545)				84,545
Total Options Purchased 0.0%^(b)(s)(Cost $216)				117
Total Long Positions (Cost $257,615)				262,165

Investments	Shares			Value (000)
Short Positions (8.8)%^(t)
Common Stocks (7.5)%
Aerospace & Defense (0.1)%
United Technologies Corp.		(1,539	)	$	(185	)
Airlines (0.1)%
Exchange Income Corp. (Canada)		(18,695	)		(442	)
Automobiles (0.3)%
Harley-Davidson, Inc.		(12,520	)		(515	)
Tesla, Inc.*		(970	)		(285	)
					(800	)
Banks (1.0)%
Banco BPM SpA (Italy)*		(138,335	)		(502	)
Canadian Imperial Bank of Commerce (Canada)		(4,515	)		(393	)
Laurentian Bank of Canada (Canada)		(10,160	)		(390	)
National Bank of Canada (Canada)		(6,460	)		(307	)
Societe Generale SA (France)		(7,600	)		(416	)
UniCredit SpA (Italy)		(23,000	)		(499	)
Wells Fargo & Co.		(6,915	)		(359	)
					(2,866	)
Capital Markets (0.2)%
Deutsche Bank AG (Registered) (Germany)		(33,605	)		(459	)
Commercial Services & Supplies (0.2)%
Stericycle, Inc.*		(7,966	)		(468	)
Construction & Engineering (0.1)%
Badger Daylighting Ltd. (Canada)		(22,815	)		(439	)
Diversified Consumer Services (0.2)%
Adtalem Global Education, Inc.*		(9,490	)		(452	)
Diversified Telecommunication Services (0.1)%
AT&T, Inc.		(5,836	)		(191	)
Electric Utilities (0.0)%^(b)
Great Plains Energy, Inc.		(3,600	)		(118	)
Electrical Equipment (0.2)%
Acuity Brands, Inc.		(3,965	)		(475	)

Investments	Shares			Value (000)
Electronic Equipment, Instruments & Components (0.2)%
Ingenico Group SA (France)		(5,995	)	$	(524	)
Energy Equipment & Services (0.2)%
Helmerich & Payne, Inc.		(955	)		(67	)
Keane Group, Inc.*		(6,558	)		(102	)
Patterson-UTI Energy, Inc.		(2,429	)		(52	)
ProPetro Holding Corp.*		(7,326	)		(134	)
RPC, Inc.		(6,617	)		(119	)
Superior Energy Services, Inc.*		(4,862	)		(52	)
					(526	)
Equity Real Estate Investment Trusts (REITs) (0.4)%
AvalonBay Communities, Inc.		(2,420	)		(395	)
Equity Residential		(6,700	)		(413	)
Prologis, Inc.		(306	)		(20	)
Simon Property Group, Inc.		(2,820	)		(441	)
					(1,269	)
Food & Staples Retailing (0.1)%
CVS Health Corp.		(3,126	)		(218	)
Health Care Providers & Services (0.1)%
Cardinal Health, Inc.		(6,420	)		(412	)
Hotels, Restaurants & Leisure (0.1)%
Papa John's International, Inc.		(5,563	)		(345	)
Household Durables (0.1)%
Lennar Corp., Class A		(4,550	)		(241	)
Household Products (0.1)%
Spectrum Brands Holdings, Inc.		(2,453	)		(177	)
Industrial Conglomerates (0.2)%
General Electric Co.		(31,500	)		(443	)
Internet Software & Services (0.5)%
Alibaba Group Holding Ltd., ADR (China)*		(4,557	)		(814	)
Zillow Group, Inc., Class C*		(12,900	)		(625	)
					(1,439	)

See Notes to Consolidated Financial Statements

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

Investments	Shares			Value (000)
IT Services (0.3)%
Alliance Data Systems Corp.		(1,705	)	$	(346	)
iPayment Holdings, Inc.*^(c)(d)		(305,871	)		(123	)
Western Union Co. (The)		(23,145	)		(457	)
					(926	)
Media (0.7)%
Discovery, Inc., Class A*		(2,010	)		(48	)
EW Scripps Co. (The), Class A		(27,429	)		(305	)
MSG Networks, Inc., Class A*		(18,669	)		(383	)
New Media Investment Group, Inc.		(25,353	)		(420	)
Omnicom Group, Inc.		(7,230	)		(533	)
SES SA, FDR (Luxembourg)		(15,027	)		(232	)
Sinclair Broadcast Group, Inc., Class A		(1,919	)		(54	)
Twenty-First Century Fox, Inc., Class A		(3,400	)		(124	)
					(2,099	)
Multi-Utilities (0.0)%^(b)
CenterPoint Energy, Inc.		(1,796	)		(45	)
Oil, Gas & Consumable Fuels (0.1)%
Concho Resources, Inc.*		(1,760	)		(276	)
Euronav NV (Belgium)		(727	)		(6	)
					(282	)
Personal Products (0.1)%
Herbalife Nutrition Ltd.*		(3,590	)		(379	)
Professional Services (0.1)%
Nielsen Holdings plc		(11,795	)		(371	)
Semiconductors & Semiconductor Equipment (0.2)%
KLA-Tencor Corp.		(1,875	)		(191	)
Marvell Technology Group Ltd. (Bermuda)		(19,627	)		(393	)
					(584	)

Investments	Shares			Value (000)
Software (0.4)%
Ellie Mae, Inc.*		(5,885	)	$	(570	)
Micro Focus International plc (United Kingdom)		(555	)		(10	)
salesforce.com, Inc.*		(974	)		(118	)
Snap, Inc., Class A*		(25,200	)		(361	)
VMware, Inc., Class A*		(836	)		(111	)
					(1,170	)
Specialty Retail (0.4)%
Bed Bath & Beyond, Inc.		(6,499	)		(114	)
Gap, Inc. (The)		(8,236	)		(241	)
L Brands, Inc.		(3,036	)		(106	)
Michaels Cos., Inc. (The)*		(5,236	)		(98	)
Sally Beauty Holdings, Inc.*		(12,328	)		(213	)
Signet Jewelers Ltd.		(2,117	)		(82	)
Tailored Brands, Inc.		(3,213	)		(101	)
TJX Cos., Inc. (The)		(4,020	)		(341	)
					(1,296	)
Textiles, Apparel & Luxury Goods (0.3)%
Fossil Group, Inc.*		(63,341	)		(947	)
Thrifts & Mortgage Finance (0.4)%
BofI Holding, Inc.*		(6,218	)		(251	)
Genworth MI Canada, Inc. (Canada)		(12,600	)		(407	)
Home Capital Group, Inc. (Canada)*		(35,960	)		(403	)
					(1,061	)
Total Common Stocks (Proceeds $(22,158))					(21,649	)
Exchange Traded Funds (0.8)%
Alerian MLP ETF		(141,913	)		(1,433	)
SPDR S&P Oil & Gas Equipment & Services ETF		(8,678	)		(148	)
SPDR S&P Oil & Gas Exploration & Production ETF		(15,856	)		(625	)
VanEck Vectors Oil Services ETF		(1,914	)		(52	)
Total Exchange Traded Funds (Proceeds $(2,325))	(2,258)

Investments	Principal Amount			Value (000)
Corporate Bonds (0.4)%
Diversified Telecommunication Services (0.1)%
Frontier Communications Corp. 10.50%, 9/15/2022	$	(433,000	)	$	(385	)
Multiline Retail (0.1)%
Macy's Retail Holdings, Inc. 4.50%, 12/15/2034		(406,000	)		(346	)
Oil, Gas & Consumable Fuels (0.1)%
SM Energy Co. 6.50%, 1/1/2023		(131,000)			(133)
6.75%, 9/15/2026		(115,000	)		(118	)
					(251	)
Specialty Retail (0.1)%
Gap, Inc. (The) 5.95%, 4/12/2021		(226,000	)		(238	)
Total Corporate Bonds (Proceeds $(1,217))					(1,220	)
	Shares
Master Limited Partnerships (0.1)%
Oil, Gas & Consumable Fuels (0.1)%
Andeavor Logistics LP		(3,028	)		(128	)
Shell Midstream Partners LP		(595	)		(13	)
Spectra Energy Partners LP		(357	)		(13	)
Total Master Limited Partnerships (Proceeds $(160))					(154	)
Preferred Stocks (0.0)%^(b)
IT Services (0.0)%^(b)
iPayment Holdings, Inc., 0.00%,^(c)(d)(Proceeds $(306))*		(1,958	)		(108	)
Total Short Positions (Proceeds $(26,166))					(25,389	)
Total Investments 82.4% (Cost $231,449)					236,776
Other Assets Less Liabilities 17.6%^(u)(v)					50,561
Net Assets 100.0%				$	287,337

See Notes to Consolidated Financial Statements

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

* Non-income producing security.

(a) All or a portion of this security is pledged with the custodian for securities sold short and/or options written.

(b) Represents less than 0.05% of net assets.

(d) Value determined using significant unobservable inputs.

(e) Security fair valued as of April 30, 2018 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at April 30, 2018 amounted to approximately $96,000, which represents 0.0% of net assets of the Fund.

(f) Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. At April 30, 2018, the total value of these securities amounted to approximately $1,953,000 which represents 0.7% of net assets of the Fund.

(g) Amount less than one thousand.

(h) Securities were purchased or sold short under Rule 144A of the Securities Act of 1933, as amended (the "1933 Act"), or are otherwise restricted and, unless registered under the 1933 Act or exempted from registration, may only be sold to qualified institutional investors or may have other restrictions on resale. At April 30, 2018, these securities amounted to approximately $43,495,000 of long positions, which represents 15.1% of net assets of the Fund. Securities denoted with "(h)" but without "(c)" have been deemed by the investment manager to be liquid.

(i) Variable or floating rate security. The interest rate shown was the current rate as of April 30, 2018 and changes periodically.

(j) Variable or floating rate security where the stated interest rate is not based on a published reference rate and spread. Rather, the interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of April 30, 2018.

(k) 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 at a contingent upon predetermined trigger. The interest rate shown was the current rate as of April 30, 2018.

(l) All or a portion of this security was purchased on a delayed delivery basis.

(m) All or a portion of this security had not settled as of April 30, 2018 and thus may not have an interest rate in effect. Interest rates do not take effect until settlement.

(n) Defaulted security.

(o) Payment in-kind security.

(p) Perpetual security. The rate reflected was the rate in effect on April 30, 2018. The maturity date reflects the next call date.

(q) Represents 7-day effective yield as of April 30, 2018.

(r) All or a portion of this security is segregated in connection with obligations for futures, swaps, options written, and/or forward foreign currency contracts with a total value of approximately $83,746,000.

(s) See "Purchased option contracts" under Derivative Instruments.

(t) At April 30, 2018 the Fund had approximately $20,533,000 deposited in one or more accounts to satisfy collateral requirements for borrowing in connection with securities sold short.

See Notes to Consolidated Financial Statements

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

(u) Includes the impact of the Fund's open positions in derivatives at April 30, 2018.

(v) As of April 30, 2018, the value of unfunded loan commitments was approximately $87,000 (See Note A of the Notes to Consolidated Financial Statements).

Abbreviations

ADR American Depositary Receipt

CLO Collateralized Loan Obligations

CVR Contingent Value Rights

ETF Exchange Traded Fund

FDR Fiduciary Depositary Receipt

FNMA Federal National Mortgage Association

GDR Global depositary receipt

ICE Intercontinental Exchange

LIBOR London Interbank Offered Rate

PJSC Public Joint Stock Company

SA Société Anonyme

SpA Società per Azioni

SPDR Standard & Poor's Depositary Receipts

USD United States Dollar

Derivative Instruments

Futures contracts ("futures")

At April 30, 2018, open positions in futures for the Fund were as follows:

Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
Long Contracts
Brent Crude Oil		48	5/2018	$	3,585,120	$	37,359
Hang Seng Index		1	5/2018		195,352		3,973
NY Harbor ULSD		27	5/2018		2,437,306		27,015
RBOB Gasoline		19	5/2018		1,700,378		16,670
SGX NIFTY 50 Index		46	5/2018		992,220		7,946
WTI Crude Oil		32	5/2018		2,194,240		22,677
100 oz Gold		4	6/2018		527,680		(14,638	)
EURO STOXX 50 Index		8	6/2018		335,616		4,142
Euro-Bobl		39	6/2018		6,169,628		(4,839	)
Euro-BTP		9	6/2018		1,510,816		26,250
Euro-BTP		48	6/2018		8,057,687		29,599
Euro-Bund		25	6/2018		4,792,361		1,804
Euro-Buxl		6	6/2018		1,184,945		(7,758	)
Euro-OAT		2	6/2018		371,482		(1,121	)
Foreign Exchange USD/NOK		2	6/2018		199,444		5,969
Foreign Exchange USD/SEK		3	6/2018		298,950		18,166
FTSE 100 Index		7	6/2018		718,913		8,859

See Notes to Consolidated Financial Statements

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

Description	Number of Contracts			Expiration Date	Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
Long Gilt		5		6/2018	$	841,577		$	1,647
Long Gilt		9		6/2018		1,514,838			7,111
Low Sulphur Gasoil		36		6/2018		2,341,800			33,805
NASDAQ 100 E-Mini Index		1		6/2018		132,260			(4,202	)
Nikkei 225 Mini Index		17		6/2018		350,046			6,187
Russell 2000 E-Mini Index		3		6/2018		231,570			(5,925	)
Cocoa		33		7/2018		932,250			67,022
Copper		3		7/2018		230,550			(6,768	)
Corn		20		7/2018		400,750			5,388
Cotton No. 2		15		7/2018		628,800			2,750
Wheat		1		7/2018		25,525			(127	)
3 Month Sterling		111		12/2019		18,864,851			(102	)
3 Month Euro Euribor		107		9/2020		32,199,930			3,204
Total Long Contracts					$	93,966,885		$	292,063
Description	Number of Contracts			Expiration Date	Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
Short Contracts
Canada 10 Year Bond		(27	)	6/2018	$	(2,764,243	)	$	(9,280	)
Canada 10 Year Bond		(11	)	6/2018		(1,126,173	)		(1,903	)
CBOE Volatility Index		(1	)	6/2018		(16,925	)		(325	)
Foreign Exchange AUD/USD		(114	)	6/2018		(8,584,200	)		266,066
Foreign Exchange CAD/USD		(7	)	6/2018		(545,580	)		411
Foreign Exchange CHF/USD		(2	)	6/2018		(253,300	)		10,844
Foreign Exchange EUR/USD		(163	)	6/2018		(24,700,613	)		595,929
Foreign Exchange GBP/USD		(18	)	6/2018		(1,549,800	)		3,159
Foreign Exchange JPY/USD		(13	)	6/2018		(1,491,425	)		26,788
Foreign Exchange NZD/USD		(11	)	6/2018		(774,180	)		32,890
Japan 10 Year Bond		(11	)	6/2018		(15,157,702	)		8,883
Live Cattle		(11	)	6/2018		(466,840	)		(2,888	)
S&P 500 E-Mini Index		(21	)	6/2018		(2,779,350	)		131,950
S&P 500 E-Mini Index		(1	)	6/2018		(132,350	)		1,223
Sugar No. 11		(49	)	6/2018		(644,840	)		8,639
U.S. Treasury 10 Year Note		(68	)	6/2018		(8,134,500	)		5,929
U.S. Treasury 10 Year Note		(13	)	6/2018		(1,555,125	)		(2,069	)
U.S. Treasury 5 Year Note		(59	)	6/2018		(6,696,961	)		7,485
U.S. Treasury Long Bond		(21	)	6/2018		(3,020,719	)		(12,591	)
Coffee 'C'		(13	)	7/2018		(598,650	)		(14,322	)
Silver		(4	)	7/2018		(328,020	)		1,522
3 Month Canadian Bankers' Acceptance		(64	)	3/2019		(12,171,814	)		(3,380	)
3 Month Eurodollar		(212	)	3/2020		(51,415,299	)		54,925

See Notes to Consolidated Financial Statements

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

Description	Number of Contracts			Expiration Date	Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
3 Month Eurodollar		(204	)	9/2020	$	(49,464,900	)	$	49,489
Total Short Contracts					$	(194,373,509	)	$	1,159,374
Total Futures								$	1,451,437

For the six months ended April 30, 2018, the average notional value of futures for the Fund was $38,285,725 for long positions and $(120,272,484) for short positions. The Fund had $2,466,435 deposited in segregated accounts to cover margin requirements on open futures.

Forward foreign currency contracts ("forward contracts")

At April 30, 2018, open forward contracts for the Fund were as follows:

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation/ (Depreciation)
USD	1,021,562	CHF	982,581	JPMorgan Chase Bank, NA	5/11/2018	$	29,245
USD	4,349,668	EUR	3,524,104	JPMorgan Chase Bank, NA	5/11/2018		91,217
USD	4,736,290	GBP	3,332,902	JPMorgan Chase Bank, NA	5/11/2018		146,027
USD	2,430,738	HKD	19,064,560	JPMorgan Chase Bank, NA	5/11/2018		1,017
USD	296,626	SEK	2,491,973	JPMorgan Chase Bank, NA	5/11/2018		11,835
AUD	420,000	JPY	34,168,208	Societe Generale	6/20/2018		2,610
CAD	590,000	USD	458,396	Societe Generale	6/20/2018		1,664
EUR	2,139,038	PLN	9,040,000	Societe Generale	6/20/2018		15,475
EUR	650,000	TRY	3,170,614	Societe Generale	6/20/2018		19,463
INR**	36,580,000	USD	544,583	Societe Generale	6/20/2018		2,322
JPY	345,239,943	AUD	4,170,000	Societe Generale	6/20/2018		29,146
KRW**	75,310,000	USD	70,075	Societe Generale	6/20/2018		328
MXN	16,410,000	USD	867,095	Societe Generale	6/20/2018		3,449
PHP**	9,490,000	USD	181,912	Societe Generale	6/20/2018		1,281
TRY	1,475,487	EUR	290,000	Societe Generale	6/20/2018		6,079
TRY	980,000	USD	231,950	Societe Generale	6/20/2018		5,583
TRY	230,000	ZAR	682,863	Societe Generale	6/20/2018		1,329
USD	7,290,680	AUD	9,490,000	Societe Generale	6/20/2018		145,093
USD	3,016,746	BRL**	10,250,000	Societe Generale	6/20/2018		105,077
USD	1,994,765	CAD	2,550,000	Societe Generale	6/20/2018		6,373
USD	2,422,751	CHF	2,310,000	Societe Generale	6/20/2018		81,508
USD	393,250	CLP**	239,420,000	Societe Generale	6/20/2018		2,966
USD	12,251,230	EUR	9,940,000	Societe Generale	6/20/2018		201,509
USD	3,940,646	GBP	2,810,000	Societe Generale	6/20/2018		62,661
USD	669,718	HUF	172,159,997	Societe Generale	6/20/2018		4,915
USD	2,223,410	ILS	7,800,000	Societe Generale	6/20/2018		49,630
USD	4,044,049	INR**	267,090,000	Societe Generale	6/20/2018		50,807
USD	5,344,814	JPY	571,600,001	Societe Generale	6/20/2018		98,048
USD	976,901	KRW**	1,041,870,000	Societe Generale	6/20/2018		2,919
USD	2,099,639	MXN	39,220,000	Societe Generale	6/20/2018		19,033
USD	3,189,741	NOK	25,090,000	Societe Generale	6/20/2018		56,550

See Notes to Consolidated Financial Statements

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

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation/ (Depreciation)
USD	3,225,280	NZD	4,500,000	Societe Generale	6/20/2018	$	59,456
USD	2,636,040	PLN	9,080,000	Societe Generale	6/20/2018		47,071
USD	1,798,435	SEK	14,950,000	Societe Generale	6/20/2018		84,492
USD	5,388,633	SGD	7,100,000	Societe Generale	6/20/2018		28,283
USD	129,270	THB	4,030,000	Societe Generale	6/20/2018		1,397
USD	1,103,422	TRY	4,470,000	Societe Generale	6/20/2018		19,980
USD	837,958	ZAR	10,340,000	Societe Generale	6/20/2018		13,932
ZAR	1,007,818	TRY	330,000	Societe Generale	6/20/2018		331
CAD	3,638,000	USD	2,784,793	JPMorgan Chase Bank, NA	6/21/2018		52,061
USD	308,029	CAD	394,000	JPMorgan Chase Bank, NA	6/21/2018		794
USD	796,367	EUR	642,977	JPMorgan Chase Bank, NA	6/29/2018		16,346
USD	669,248	SEK	5,556,502	JPMorgan Chase Bank, NA	6/29/2018		31,749
Total unrealized appreciation						$	1,611,051
USD	15,901	TRY	65,815	JPMorgan Chase Bank, NA	5/11/2018	$	(256	)
AUD	2,210,000	JPY	183,587,490	Societe Generale	6/20/2018		(21,125	)
AUD	5,510,000	USD	4,292,893	Societe Generale	6/20/2018		(144,086	)
BRL**	3,560,000	USD	1,061,360	Societe Generale	6/20/2018		(50,088	)
CAD	3,320,000	USD	2,631,534	Societe Generale	6/20/2018		(42,724	)
CHF	1,580,000	USD	1,659,574	Societe Generale	6/20/2018		(58,205	)
CLP**	889,760,000	USD	1,478,931	Societe Generale	6/20/2018		(28,510	)
EUR	65,683	PLN	280,000	Societe Generale	6/20/2018		(212	)
EUR	650,000	TRY	3,329,745	Societe Generale	6/20/2018		(19,107	)
EUR	9,840,000	USD	12,214,553	Societe Generale	6/20/2018		(286,059	)
GBP	5,130,000	USD	7,224,206	Societe Generale	6/20/2018		(144,472	)
HUF	250,370,001	USD	994,343	Societe Generale	6/20/2018		(27,527	)
ILS	3,140,000	USD	913,539	Societe Generale	6/20/2018		(38,454	)
INR**	139,070,000	USD	2,120,535	Societe Generale	6/20/2018		(41,309	)
JPY	66,007,878	AUD	810,000	Societe Generale	6/20/2018		(4,005	)
JPY	604,950,001	USD	5,716,841	Societe Generale	6/20/2018		(163,951	)
KRW**	3,265,860,000	USD	3,075,440	Societe Generale	6/20/2018		(22,387	)
MXN	68,520,000	USD	3,723,713	Societe Generale	6/20/2018		(88,751	)
NOK	27,950,000	USD	3,607,313	Societe Generale	6/20/2018		(116,973	)
NZD	4,320,000	USD	3,163,993	Societe Generale	6/20/2018		(124,801	)
PLN	9,340,000	EUR	2,220,601	Societe Generale	6/20/2018		(28,812	)
PLN	9,100,000	USD	2,676,403	Societe Generale	6/20/2018		(81,731	)
SEK	4,570,000	USD	551,207	Societe Generale	6/20/2018		(27,279	)
SGD	10,290,000	USD	7,847,413	Societe Generale	6/20/2018		(78,679	)
THB	39,670,000	USD	1,273,031	Societe Generale	6/20/2018		(14,300	)
TRY	2,145,719	EUR	430,000	Societe Generale	6/20/2018		(1,183	)
TRY	4,320,000	USD	1,057,363	Societe Generale	6/20/2018		(10,276	)
TRY	60,000	ZAR	182,903	Societe Generale	6/20/2018		(33	)
USD	1,975,330	CAD	2,550,000	Societe Generale	6/20/2018		(13,063	)
USD	812,072	GBP	590,000	Societe Generale	6/20/2018		(2,167	)
USD	303,157	INR**	20,380,000	Societe Generale	6/20/2018		(1,543	)

See Notes to Consolidated Financial Statements

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

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation/ (Depreciation)
USD	532,706	JPY	58,060,000	Societe Generale	6/20/2018	$	(232	)
USD	1,637,838	KRW**	1,760,360,000	Societe Generale	6/20/2018		(7,816	)
USD	1,713,653	MXN	32,560,000	Societe Generale	6/20/2018		(13,644	)
USD	1,809,656	PHP**	94,950,000	Societe Generale	6/20/2018		(23,239	)
USD	1,712,656	SGD	2,270,000	Societe Generale	6/20/2018		(1,147	)
USD	21,531	THB	680,000	Societe Generale	6/20/2018		(46	)
USD	829,503	TRY	3,460,000	Societe Generale	6/20/2018		(9,134	)
ZAR	1,605,672	TRY	550,000	Societe Generale	6/20/2018		(5,348	)
ZAR	15,000,000	USD	1,247,203	Societe Generale	6/20/2018		(51,804	)
CAD	461,000	USD	362,920	JPMorgan Chase Bank, NA	6/21/2018		(3,440	)
EUR	1,602,000	USD	1,979,554	JPMorgan Chase Bank, NA	6/21/2018		(37,377	)
USD	101,205	CAD	130,000	JPMorgan Chase Bank, NA	6/21/2018		(167	)
SEK	64,051	USD	7,756	JPMorgan Chase Bank, NA	6/29/2018		(407	)
Total unrealized depreciation						$	(1,835,869	)
Net unrealized depreciation						$	(224,818	)

** Non-deliverable forward.

For the six months ended April 30, 2018, the average notional value of forward contracts for the Fund was $(11,011,125). The Fund had cash collateral of $125,468 and $1,757,684 deposited in a segregated account for JPMorgan Chase Bank, NA and Societe Generale, respectively.

Credit default swap contracts ("credit default swaps")

At April 30, 2018, the Fund had outstanding credit default swap contracts as follows:

OTC Credit Default Swaps — Buy Protection

Reference Entity	Financing Rate Paid by the Fund			Payment Frequency	Counterparty	Maturity Date	Notional Amount		Upfront Payments/ (Receipts)			Unrealized Appreciation/ (Depreciation)			Accrued Net Interest Receivable/ (Payable)			Value
Assured Guaranty Municipal Corp., debt obligations		5.00	%	quarterly	JPMorgan Chase Bank, NA	12/20/2021	$	2,000,000	$	(216,124	)	$	(80,544	)	$	(11,666	)	$	(308,334	)
Gap, Inc. (The), 5.95%, 04/12/2021		1.00		quarterly	JPMorgan Chase Bank, NA	12/20/2021		1,000,000		84,176			(94,153	)		(1,167	)		(11,144	)
Hertz Corp. (The), 5.88%, 10/15/2020		5.00		quarterly	JPMorgan Chase Bank, NA	12/20/2020		1,000,000		—			(5,462	)		(5,833	)		(11,295	)
Hertz Corp. (The), 5.88%, 10/15/2020		5.00		quarterly	JPMorgan Chase Bank, NA	6/20/2022		1,000,000		161,223			(110,615	)		(5,833	)		44,775

See Notes to Consolidated Financial Statements

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

Reference Entity	Financing Rate Paid by the Fund			Payment Frequency	Counterparty	Maturity Date	Notional Amount		Upfront Payments/ (Receipts)			Unrealized Appreciation/ (Depreciation)			Accrued Net Interest Receivable/ (Payable)			Value
International Lease Finance Corp., 8.25%, 12/15/2020		5.00	%	quarterly	JPMorgan Chase Bank, NA	12/20/2021	$	1,000,000	$	(108,172	)	$	(43,999	)	$	(5,833	)	$	(158,004	)
Kohl's Corp., 4.00%, 11/01/2021		1.00		quarterly	JPMorgan Chase Bank, NA	12/20/2021		1,000,000		46,421			(55,256	)		(1,167	)		(10,002	)
Macy's, Inc., 3.45%, 01/15/2021		1.00		quarterly	JPMorgan Chase Bank, NA	12/20/2022		1,000,000		96,776			(64,540	)		(1,167	)		31,069
Nordstrom, Inc., 6.95%, 03/15/2028		1.00		quarterly	JPMorgan Chase Bank, NA	12/20/2021		1,000,000		20,098			(12,827	)		(1,167	)		6,104
Staples, Inc., 2.75%, 01/12/2018		1.00		quarterly	JPMorgan Chase Bank, NA	12/20/2021		2,000,000		93,707			112,102			(2,334	)		203,475
Total credit default swaps									$	178,105		$	(355,294	)	$	(36,167	)	$	(213,356	)

For the six months ended April 30, 2018, the average notional value of credit default swaps for the Fund was $16,373,686 for buy protection.

Currency Abbreviations

AUD Australian Dollar

BRL Brazilian Real

CAD Canadian Dollar

CHF Swiss Franc

CLP Chilean Peso

EUR Euro

GBP Pound Sterling

HKD Hong Kong Dollar

HUF Hungarian Forint

ILS Israeli New Shekel

INR Indian Rupee

JPY Japanese Yen

KRW Korean Won

MXN Mexican Peso

NOK Norwegian Krone

NZD New Zealand Dollar

PHP Philippine Peso

PLN Polish Zloty

SEK Swedish Krona

SGD Singapore Dollar

THB Thailand Baht

TRY Turkish Lira

USD United States Dollar

ZAR South African Rand

See Notes to Consolidated Financial Statements

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

Equity swap contracts ("equity swaps")

At April 30, 2018, the Fund had outstanding equity swaps* as follows:

Counterparty

Description

Maturity
Dates

Absolute
Notional
Value

Net Unrealized
Appreciation/
(Depreciation)

Financing
Costs
and Other
Receivables/
(Payables)

Value

JPMorgan
Chase Bank, NA

The Fund receives the total return,
and pays floating rates plus or minus a
spread on a portfolio of long positions.
The Fund pays the total return, and
receives floating rates plus or minus a
spread on a portfolio of short positions.
The specified spreads range from
–3.57% to 0.75%. The payments/
receipts, based on the specified
benchmark floating rates (see table
below), are denominated in various
foreign currencies based on the local
currencies of the positions within the
swaps. Payments, if any, will be made
at maturity.

5/17/2018-
5/2/2019

$32,265,282

$789,871

$(6,787)

$783,084

* The following table represents required component disclosures associated with the equity swaps as of April 30, 2018.

Reference Entity	Shares		Notional Amount^(a)		Net Unrealized Appreciation/ (Depreciation)
Long Positions
Australia
Mantra Group Ltd.		101,736	$	302,538	$	3,888
Sirtex Medical Ltd.		12,400		259,709		3,334
						7,222
Belgium
TiGenix NV		30,700		65,471		2,081
Canada
Cott Corp.		43,130		616,759		(45,504	)
Germany
Gerresheimer AG		3,720		303,678		4,859
Innogy SE		1,000		44,114		258
Linde AG		569		126,465		(3,092	)
						2,025
Ireland
Smurfit Kappa Group plc		250		10,675		314

See Notes to Consolidated Financial Statements

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

Reference Entity	Shares		Notional Amount^(a)		Net Unrealized Appreciation/ (Depreciation)
Italy
Ansaldo STS SpA		1,417	$	21,219	$	1,626
Buzzi Unicem SpA		25,670		368,889		(34,448	)
Luxottica Group SpA		1,500		93,758		81
Yoox Net-A-Porter Group SpA		13,600		622,281		4,747
						(27,994	)
Netherlands
Akzo Nobel NV		4,625		418,328		(30,385	)
Gemalto NV		8,225		495,434		4,097
						(26,288	)
Spain
Abertis Infraestructuras SA		34,854		768,558		20,904
Axiare Patrimonio SOCIMI SA		9,965		211,553		(9,922	)
Obrascon Huarte Lain SA		8,950		42,011		(9,438	)
						1,544
Sweden
Wilson Therapeutics AB		1,068		28,174		343
United Kingdom
CityFibre Infrastructure Holdings plc		21,591		23,690		208
Fenner plc		23,700		198,377		(938	)
Intu Properties plc		3,100		8,335		(1,760	)
Ladbrokes Coral Group plc, CVR		22,680		1,093		1,129	^(b)(c)
Laird plc		32,000		86,743		(109	)
Melrose Industries plc		7,799		24,480		2,607
NEX Group plc		3,350		45,566		(186	)
Sky plc		52,383		993,754		267,185
Spire Healthcare Group plc		7,267		22,810		(1,223	)
UBM plc		4,650		61,968		5,603
						272,516
United States
Associated Banc-Corp.		24,704		653,421		45,643
Broadcom, Inc.		1,435		329,218		(27,630	)
CSX Corp.		18,870		1,120,689		72,655
DowDuPont, Inc.		2,000		126,480		(15,064	)
DXC Technology Co.		12,185		1,255,786		16,067
EQT Corp.		12,020		603,284		31,524
Humana, Inc.		925		272,117		21,081
Tiffany & Co.		1,655		170,184		8,330

See Notes to Consolidated Financial Statements

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

Reference Entity	Shares			Notional Amount^(a)			Net Unrealized Appreciation/ (Depreciation)
United Technologies Corp.		7,405		$	889,711		$	(81,505	)
Wells Fargo & Co.		14,946			776,594			(70,386	)
Worldpay, Inc.		9,230			749,661			61,355
Zayo Group Holdings, Inc.		19,045			691,334			4,891
Zimmer Biomet Holdings, Inc.		6,200			714,054			(10,927	)
								56,034
Total Long Positions of Equity Swaps							$	242,293
Short Positions
Belgium
Euronav NV		(13,334	)		(108,126	)		6,053
Canada
Magna International, Inc.		(5,103	)		(301,077	)		(24,347	)
Maxar Technologies Ltd.		(3,760	)		(170,366	)		50,212
National Bank of Canada		(12,600	)		(598,425	)		33,093
								58,958
Denmark
Vestas Wind Systems A/S		(5,530	)		(358,706	)		30,018
France
Essilor International Cie Generale d'Optique SA		(691	)		(94,335	)		927
Publicis Groupe SA		(6,165	)		(461,581	)		(36,533	)
								(35,606	)
Italy
Buzzi Unicem SpA		(13,472	)		(340,994	)		30,755
Netherlands
Philips Lighting NV		(8,315	)		(253,440	)		47,642
Spain
Grifols SA		(3,214	)		(90,627	)		310
Sweden
Autoliv, Inc.		(1,605	)		(215,150	)		11,590
Switzerland
Roche Holding AG		(2,336	)		(520,591	)		31,916
United Kingdom
Informa plc		(5,052	)		(51,398	)		(4,828	)
Tesco plc		(1	)		(3	)		(1	)
								(4,829	)
United States
Abercrombie & Fitch Co.		(11,012	)		(282,127	)		13,043
American Eagle Outfitters, Inc.		(14,620	)		(302,342	)		(277	)
Apple, Inc.		(4,542	)		(750,611	)		10,162

See Notes to Consolidated Financial Statements

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

Reference Entity	Shares			Notional Amount^(a)			Net Unrealized Appreciation/ (Depreciation)
Armstrong World Industries, Inc.		(5,294	)	$	(296,464	)	$	32,921
Boeing Co. (The)		(945	)		(315,214	)		(9,837	)
Campbell Soup Co.		(8,660	)		(353,155	)		47,891
Cardinal Health, Inc.		(4,755	)		(305,128	)		9,562
Children's Place, Inc. (The)		(1,781	)		(227,167	)		(4,187	)
Cigna Corp.		(1,925	)		(330,753	)		(10,098	)
Clorox Co. (The)		(1,830	)		(214,476	)		28,335
CME Group, Inc.		(149	)		(23,494	)		304
CubeSmart		(5,350	)		(157,504	)		(3,880	)
Dollar General Corp.		(3,213	)		(310,151	)		(783	)
Domino's Pizza, Inc.		(695	)		(168,002	)		(23,738	)
Flowers Foods, Inc.		(14,420	)		(326,036	)		(22,104	)
Fulton Financial Corp.		(22,645	)		(382,700	)		13,050
Gap, Inc. (The)		(10,052	)		(293,920	)		4,744
General Dynamics Corp.		(1,100	)		(221,441	)		4,797
General Mills, Inc.		(7,005	)		(306,399	)		61,884
Hologic, Inc.		(7,785	)		(301,980	)		32,153
Home Depot, Inc. (The)		(2,227	)		(411,550	)		(12,762	)
Hormel Foods Corp.		(9,190	)		(333,137	)		(16,481	)
JM Smucker Co. (The)		(3,959	)		(451,643	)		19,397
Kennametal, Inc.		(11,540	)		(420,633	)		39,009
Landstar System, Inc.		(1,460	)		(148,409	)		5,411
Lennox International, Inc.		(1,965	)		(379,972	)		17,066
LyondellBasell Industries NV		(4,390	)		(464,155	)		41,083
Middleby Corp. (The)		(2,470	)		(310,825	)		(5,572	)
Nielsen Holdings plc		(9,570	)		(300,976	)		51,980
Omnicom Group, Inc.		(6,235	)		(459,270	)		16,792
PACCAR, Inc.		(5,786	)		(368,395	)		3,268
Praxair, Inc.		(876	)		(133,608	)		1,600
Qorvo, Inc.		(6,245	)		(420,913	)		51,114
Ralph Lauren Corp.		(2,165	)		(237,825	)		(3,570	)
Range Resources Corp.		(16,520	)		(228,802	)		(13,606	)
Realty Income Corp.		(5,990	)		(302,555	)		(12,377	)
Rexnord Corp.		(7,910	)		(217,604	)		6,029
Robert Half International, Inc.		(8,210	)		(498,757	)		(32,734	)
Scotts Miracle-Gro Co. (The)		(4,520	)		(377,782	)		70,932
Starbucks Corp.		(10,635	)		(612,257	)		5,106
Tesla, Inc.		(1,082	)		(318,000	)		(6,378	)

See Notes to Consolidated Financial Statements

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

Reference Entity	Shares			Notional Amount^(a)			Net Unrealized Appreciation/ (Depreciation)
Tractor Supply Co.		(2,430	)	$	(165,240	)	$	(19,750	)
VF Corp.		(4,255	)		(344,102	)		(21,785	)
Whirlpool Corp.		(1,975	)		(306,026	)		3,057
								370,771
Total Short Positions of Equity Swaps							$	547,578
Total Long and Short Positions of Equity Swaps JPMorgan Chase Bank, NA							$	789,871

Counterparty

Description

Maturity
Dates

Absolute
Notional
Value

Net Unrealized
Appreciation/
(Depreciation)

Financing
Costs
and Other
Receivables/
(Payables)

Value

Morgan Stanley
Capital Services
LLC

The Fund receives the total return,
and pays floating rates plus or minus a
spread on a portfolio of long positions.
The Fund pays the total return, and
receives floating rates plus or minus a
spread on a portfolio of short positions.
The specified spreads range from –0.40%
to 1.40%. The payments/receipts, based
on the specified benchmark floating rates
(see table below), are denominated in
various foreign currencies based on the
local currencies of the positions within
the swaps. Payments, if any, will be
made at maturity.

9/17/2018-
12/3/2019

$21,170,499

$(406,888)

$3,320

(403,568

)

* The following table represents required component disclosures associated with the equity swaps as of April 30, 2018.

Reference Entity	Shares		Notional Amount^(a)		Net Unrealized Appreciation/ (Depreciation)
Long Positions
Brazil
Hypera SA		20,020	$	180,015	$	53,745
France
Amundi SA		1,968		167,500		63,862
BNP Paribas SA		7,675		592,988		122,986
Danone SA		16,278		1,318,809		64,074
Iliad SA		3,030		607,216		(202,851	)
JCDecaux SA		3,589		128,375		(29,591	)
Publicis Groupe SA		5,576		417,482		9,776
						28,256

See Notes to Consolidated Financial Statements

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

Reference Entity	Shares			Notional Amount^(a)			Net Unrealized Appreciation/ (Depreciation)
Ireland
Ryanair Holdings plc		55,326		$	1,036,249		$	57,816
Jordan
Hikma Pharmaceuticals plc		1,440			25,534			5,159
Luxembourg
Eurofins Scientific SE		910			492,095			126,078
South Africa
Aspen Pharmacare Holdings Ltd.		10,218			220,648			23,052
South Korea
NAVER Corp.		312			209,159			40,292
Switzerland
LafargeHolcim Ltd. (Registered)		12,993			725,825			141,616
Nestle SA (Registered)		23,703			1,841,228			103,021
								244,637
Turkey
Migros Ticaret A/S		25,481			143,021			(63,423	)
United Kingdom
Admiral Group plc		3,056			83,849			2,997
Barclays plc		47,721			136,158			8,930
Burberry Group plc		13,825			347,065			48,648
Croda International plc		3,368			206,844			8,320
ITV plc		26,308			54,925			(3,016	)
Pets at Home Group plc		15,218			32,054			(4,618	)
Reckitt Benckiser Group plc		7,590			595,811			(17,594	)
Smith & Nephew plc		58,652			1,127,217			89,212
Smiths Group plc		607			13,350			979
Sports Direct International plc		65,638			363,986			22,563
								156,421
Total Long Positions of Equity Swaps							$	672,033
Short Positions
France
Air France-KLM		(31,071	)		(305,349	)		(11,237	)
Electricite de France SA		(14,197	)		(199,731	)		(36,373	)
Kering SA		(1,125	)		(651,561	)		(414,465	)
Lagardere SCA		(12,685	)		(362,740	)		38,757
LVMH Moet Hennessy Louis Vuitton SE		(3,289	)		(1,149,041	)		(439,070	)
Orange SA		(23,010	)		(419,999	)		17,280
Pernod Ricard SA		(5,440	)		(903,613	)		11,999
								(833,109	)

See Notes to Consolidated Financial Statements

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

Reference Entity	Shares			Notional Amount^(a)			Net Unrealized Appreciation/ (Depreciation)
Germany
adidas AG		(2,392	)	$	(588,981	)	$	(127,193	)
Deutsche Lufthansa AG (Registered)		(13,330	)		(389,072	)		(151,388	)
Deutsche Telekom AG (Registered)		(26,627	)		(466,083	)		61,368
								(217,213	)
Italy
Eni SpA		(23,038	)		(450,695	)		(60,161	)
Netherlands
Koninklijke Ahold Delhaize NV		(25,992	)		(627,916	)		29,909
Switzerland
Givaudan SA (Registered)		(190	)		(425,439	)		(59,904	)
Roche Holding AG		(836	)		(186,307	)		39,903
								(20,001	)
United Kingdom
Bunzl plc		(15,134	)		(439,826	)		50
GlaxoSmithKline plc		(13,508	)		(271,769	)		(33,712	)
Marks & Spencer Group plc		(323,679	)		(1,282,017	)		112,401
Unilever NV		(9,490	)		(543,783	)		(6,467	)
								72,272
United States
Merck & Co., Inc.		(3,610	)		(212,521	)		(20,582	)
Pfizer, Inc.		(6,191	)		(226,653	)		(30,036	)
								(50,618	)
Total Short Positions of Equity Swaps							$	(1,078,921	)
Total Long and Short Positions of Equity Swaps Morgan Stanley Capital Services LLC							$	(406,888	)

(a) For the six months ended April 30, 2018, the average notional value of equity swaps for the Fund as $22,129,726 for long positions and $(22,842,964) for short positions.

(b) Illiquid security.

At April 30, 2018, the Fund had cash collateral of $6,534,531 and $4,630,000 deposited in a segregated account for JPMorgan Chase Bank, NA and Morgan Stanley Capital Services LLC, respectively, to cover collateral requirements on OTC derivatives.

Benchmark Floating Rates	Value at Period End
Australian Bank-Bill Swap Reference Rate		1.90	%
CDOR — Canadian Dollar Offered Rate		1.64
CIBOR — Copenhagen Interbank Rate		(0.35	)

See Notes to Consolidated Financial Statements

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

Benchmark Floating Rates	Value at Period End
EONIA — Euro Overnight Index Average Rate		(0.36	)%
EURIBOR — Euro Interbank Offered Rate		(0.37	)
Federal Funds Floating Rate		1.69
LIBOR (CHF) — London Interbank Offered Rate		(0.79	)
LIBOR (EUR) — London Interbank Offered Rate		(0.40	)
LIBOR (GBP) — London Interbank Offered Rate		0.51
LIBOR (USD) — London Interbank Offered Rate		1.91
SARON — Swiss Average Overnight Rate		(0.73	)
SONIA — Sterling Overnight Index Average Rate		0.45
STIBOR — Stockholm Interbank Offered Rate		(0.47	)

Purchased option contracts ("options purchased")

At April 30, 2018, the Fund had outstanding options purchased as follows:

Description	Number of Contracts		Notional Amount		Exercise Price		Expiration Date	Value
Calls
Oil, Gas & Consumable Fuels
Boardwalk Pipeline Partners LP		67	$	76,179	$	11	6/15/2018	$	4,187
Boardwalk Pipeline Partners LP		295		335,415		13	6/15/2018		4,425
Boardwalk Pipeline Partners LP		164		186,468		13	9/21/2018		4,510
Energy Transfer Equity LP		121		191,180		15	6/15/2018		12,705
Energy Transfer Equity LP		166		262,280		18	7/20/2018		2,490
Energy Transfer Partners LP		52		93,704		17	6/15/2018		5,850
Enterprise Products Partners LP		261		700,524		27	6/15/2018		19,575
Kinder Morgan, Inc.		241		381,262		17	6/15/2018		3,253
Kinder Morgan, Inc.		177		280,014		18	6/15/2018		797
Kinder Morgan, Inc.		57		90,174		15	9/21/2018		8,094
									65,886
Total calls								$	65,886
Puts
Automobiles
Tesla, Inc.		5		146,950		265	9/21/2018		12,487
Exchange Traded Funds
iShares Russell 2000 ETF		451		6,914,732		140	6/29/2018		38,561
Total puts								$	51,048
Total options purchased (cost $215,916)								$	116,934

See Notes to Consolidated Financial Statements

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

Written option contracts ("options written")

At April 30, 2018, the Fund had outstanding options written as follows:

Description	Number of Contracts		Notional Amount			Exercise Price		Expiration Date	Value
Calls
Electronic Equipment, Instruments & Components
VeriFone Systems, Inc.		11	$	(25,311	)	$	23	7/20/2018	$	(440	)
Food Products
Blue Buffalo Pet Products, Inc.^(a)		7		(28,000	)		40	5/18/2018		(35	)
Technology Hardware, Storage & Peripherals
Xerox Corp.		13		(40,885	)		31	5/18/2018		(1,586	)
Total calls									$	(2,061	)
Puts
Exchange Traded Funds
iShares Russell 2000 ETF		451		(6,914,732	)		120	6/29/2018		(7,893	)
Total puts									$	(7,893	)
Total options written (premium received $29,379)									$(9,954)

(a) Value determined using significant unobservable input.

For the six months ended April 30, 2018, the Fund had an average notional value of $127,772 in options purchased, and $(15,068) in options written, respectively.

The following is a summary, categorized by Level (see Note A of Notes to Consolidated Financial Statements), of inputs used to value the Fund's investments as of April 30, 2018:

Asset Valuation Inputs
(000's omitted)	Level 1		Level 2		Level 3*		Total
Investments:
Common Stocks
Airlines	$	—	$	—	$	17	$	17
Banks		3,379		670		—		4,049
Biotechnology		1,140		777		—		1,917
Capital Markets		1,512		502		7		2,021
Chemicals		4,928		263		—		5,191
Construction Materials		—		923		—		923
Equity Real Estate Investment Trusts (REITs)		1,146		—		120		1,266
Food & Staples Retailing		523		471		—		994
Health Care Equipment & Supplies		1,784		141		—		1,925
Health Care Providers & Services		2,329		293		—		2,622
Industrial Conglomerates		—		166		—		166
Insurance		2,822		1,622		—		4,444
Internet & Direct Marketing Retail		2,543		384		—		2,927
Internet Software & Services		6,565		1,135		—		7,700

See Notes to Consolidated Financial Statements

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

Asset Valuation Inputs (cont'd)
(000's omitted)	Level 1		Level 2		Level 3*			Total
Life Sciences Tools & Services	$	—	$	1,356	$	—		$	1,356
Media		5,229		3,029		—	^(b)		8,258
Oil, Gas & Consumable Fuels		7,638		—		—	^(b)		7,638
Pharmaceuticals		2,393		314		—			2,707
Professional Services		2,226		21		—			2,247
Specialty Retail		2,805		2,649		—			5,454
Technology Hardware, Storage & Peripherals		1,469		514		—			1,983
Textiles, Apparel & Luxury Goods		2,439		59		—			2,498
Trading Companies & Distributors		—		1,521		—			1,521
Other Common Stocks^(a)		31,176		—		—			31,176
Total Common Stocks		84,046		16,810		144			101,000
Asset-Backed Securities		—		19,701		—			19,701
Commercial Mortgage-Backed Securities		—		18,283		—			18,283
Loan Assignments
Auto Components		—		—		65			65
Chemicals		—		—		575			575
Commercial Services & Supplies		—		284		130			414
Diversified Telecommunication Services		—		712		93			805
Food Products		—		69		356			425
Health Care Providers & Services		—		3,194		82			3,276
Household Durables		—		—		115			115
Insurance		—		2,195		253			2,448
IT Services		—		314		206			520
Leisure Products		—		—		235			235
Machinery		—		—		216			216
Media		—		—		489			489
Specialty Retail		—		—		203			203
Other Loan Assignments^(a)		—		3,625		—			3,625
Total Loan Assignments		—		10,253		3,018			13,271
Corporate Bonds
Chemicals		—		622		—	^(b)		622
Oil, Gas & Consumable Fuels		—		1,184		—	^(b)		1,184
Other Corporate Bonds^(a)		—		8,111		—			8,111
Total Corporate Bonds		—		9,917		—			9,917
Collateralized Mortgage Obligations		—		6,101		—			6,101
Master Limited Partnerships^(a)		5,699		—		—			5,699
Convertible Bonds^(a)		—		1,979		—			1,979
Closed End Funds^(a)		—		1,030		—			1,030
Preferred Stocks^(a)		219		—		—			219
U.S. Treasury Obligations		—		181		—			181

See Notes to Consolidated Financial Statements

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

Asset Valuation Inputs (cont'd)
(000's omitted)	Level 1			Level 2		Level 3*			Total
Rights
Biotechnology	$	—		$	—	$	88		$	88
Health Care Providers & Services		—			—		—	^(b)		—	^(b)
Media		—			—		—	^(b)		—	^(b)
Pharmaceuticals		—			—		—	^(b)		—	^(b)
Total Rights		—	^(b)		—		88			88
Warrants
Capital Markets		33			—		—			33
Thrifts & Mortgage Finance		—			1		—			1
Total Warrants		33			1		—			34
Short-Term Investments		—			84,545		—			84,545
Options Purchased		117			—		—			117
Total Long Positions	$	90,114		$	168,801	$	3,250		$	262,165

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

(b) Amount less than one thousand.

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

(000's omitted)	Beginning balance as of 11/1/2017			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 4/30/2018			Net change in unrealized appreciation/ (depreciation) from investments still held as of 4/30/2018
Investments in Securities:
Common Stock
Airlines^(b)	$	19		$	—		$	(2	)	$	—	$	—		$	—	$	—		$	17		$	(2	)
Capital Markets^(a)		—	^(c)		—			(84	)		53		(1	)		39		—			7			(74	)
Equity Real Estate Investment Trusts (REITs)^(b)		—			—			(6	)		126		—			—		—			120			(6	)
Media^(a)		1			—			(1	)		—		—			—		—	^(c)		—	^(c)		(1	)
Oil, Gas & Consumable Fuels^(a)		—	^(c)		—			—	^(c)		—		—			—		—			—	^(c)		—	^(c)
Loan Assignments^(b)
Auto Components		—			—			2			63		—			—		—			65			2
Chemicals		—			—	^(c)		4			571		—			—		—			575			4
Commercial Services & Supplies		464			—	^(c)		3			—		(466	)		129		—			130			1

See Notes to Consolidated Financial Statements

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

(000's omitted)	Beginning balance as of 11/1/2017			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 4/30/2018			Net change in unrealized appreciation/ (depreciation) from investments still held as of 4/30/2018
Diversified Telecommunication Services	$	—		$	—	^(c)	$	1		$	92	$	—		$	—	$	—		$	93		$	1
Food Products		490			—	^(c)		(4	)		—		(130	)		—		—			356			(6	)
Health Care Providers & Services		—			—	^(c)		—	^(c)		101		(19	)		—		—			82			—	^(c)
Household Durables		60			—	^(c)		1			—		(60	)		114		—			115			1
Insurance		—			—	^(c)		3			250		—			—		—			253			3
IT Services		—			—	^(c)		—	^(c)		206		—			—		—			206			—	^(c)
Leisure Products		235			—	^(c)		—	^(c)		—		—			—		—			235			—	^(c)
Machinery		—			—	^(c)		2			—		—			214		—			216			2
Media		274			—			(28	)		518		(275	)		—		—			489			(10	)
Semiconductors & Semiconductor Equipment		3,504			(3	)		(203	)		295		(3,593	)		—		—			—			—
Specialty Retail		—			—			2			201		—			—		—			203			2
Corporate Bonds^(a)
Banks		5,560			40			720			—		(6,320	)		—		—			—			—
Capital Markets		8,030			42			824			—		(8,896	)		—		—			—			—
Chemicals		—	^(c)		—			—			—		—			—		—			—	^(c)		—
Oil, Gas & Consumable Fuels		—	^(c)		—			—			—		—			—		—			—	^(c)		—
Collateralized Mortgage Obligations^(a)		1,027			—			(7	)		—		(1,020	)		—		—			—			—
Rights^(a)
Biotechnology		87			—			1			—		—			—		—			88			—
Food & Staples Retailing^(b)		60			—			40			—		(100	)		—		—			—			—
Media		—	^(c)		—			—			—		—			—		—			—	^(c)		—
Pharmaceuticals		—	^(c)		—			—			—		—			—		—			—	^(c)		—
Warrants^(a)
Biotechnology		—	^(c)		—			—			—		—	^(c)		—		—			—			—
Total	$	19,811		$	79		$	1,268		$	2,476	$	(20,880	)	$	496	$	—	^(c)	$	3,250		$	(83	)

See Notes to Consolidated Financial Statements

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

(a) As of the six months ended April 30, 2018, these securities were valued in accordance with procedures approved by the Board of Trustees. These investments did not have a material impact on the Fund's net assets and, therefore, disclosure of unobservable inputs used in formulating valuations is not presented.

(b) As of the six months ended April 30, 2018, 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, 2018, certain securities were transferred from one level (as of October 31, 2017) to another. Based on beginning of period market values as of November 1, 2017, $93 was transferred from Level 3 to Level 2. In addition, $38,625 was transferred from Level 1 to Level 3. In addition, $457,024 was transferred from Level 2 to Level 3. The common stocks and loan assignments that transferred in or out of Level 3 were primarily due to the pricing methodology in accordance with procedures approved by the Board of Trustees (Level 3) or a single broker quote (Level 3). In addition, $9,826,898 was transferred from Level 1 to Level 2. Interactive Data Pricing and Reference Data LLC provided adjusted prices for these securities as of October 31, 2017, as stated in the description of the valuation methods of equity securities in the Notes to Consolidated Financial Statements.

The following is a summary, categorized by Level (see Note A of Notes to Consolidated Financial Statements), of inputs used to value the Fund's investments as of April 30, 2018:

Liability Valuation Inputs
(000's omitted)	Level 1			Level 2			Level 3*			Total
Investments:
Common Stocks Sold Short
Banks	$	(1,450	)	$	(1,416	)	$	—		$	(2,866	)
Capital Markets		—			(459	)		—			(459	)
Electronic Equipment, Instruments & Components		—			(524	)		—			(524	)
IT Services		(803	)		—			(123	)		(926	)
Media		(1,867	)		(232	)		—			(2,099	)
Software		(1,160	)		(10	)		—			(1,170	)
Other Common Stocks Sold Short^(a)		(13,605	)		—			—			(13,605	)
Total Common Stocks Sold Short		(18,885	)		(2,641	)		(123	)		(21,649	)
Exchange Traded Funds Sold Short		(2,258	)		—			—			(2,258	)
Corporate Bonds Sold Short^(a)		—			(1,220	)		—			(1,220	)
Master Limited Partnerships Sold Short^(a)		(154	)		—			—			(154	)
Preferred Stocks Sold Short^(a)		—			—			(108	)		(108	)
Total Short Positions	$	(21,297	)	$	(3,861	)	$	(231	)	$	(25,389	)

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

See Notes to Consolidated Financial Statements

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

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

(000's omitted)	Beginning balance as of 11/1/2017			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 4/30/2018			Net change in unrealized appreciation/ (depreciation) from investments still held as of 4/30/2018
Investments in Securities:
Common Stocks Sold Short^(a)
IT Services	$	(61	)	$	—	$	(85	)	$	—		$	23	$	—	$	—	$	(123	)	$	(85	)
Preferred Stocks Sold Short^(a)
IT Services		(121	)		—		36			(23	)		—		—		—		(108	)		36
Total	$	(182	)	$	—	$	(49	)	$	(23	)	$	23	$	—	$	—	$	(231	)	$	(49	)

(a) As of the six months ended April 30, 2018, these securities were valued either based on a single quotation obtained from a dealer or valued in accordance with procedures approved by the Board of Trustees. The Fund does not have access to unobservable inputs; however, these investments did not have a material impact on the Fund's net assets and, therefore, disclosure of unobservable inputs used in formulating valuations is not presented.

The following is a summary, categorized by Level (see Note A of Notes to Consolidated Financial Statements), of inputs used to value the Fund's derivatives as of April 30, 2018:

Other Financial Instruments
(000's omitted)	Level 1			Level 2			Level 3*			Total
Futures^(a)
Assets	$	1,543		$	—		$	—		$	1,543
Liabilities		(92	)		—			—			(92	)
Forward contracts^(a)
Assets		—			1,611			—			1,611
Liabilities		—			(1,836	)		—			(1,836	)
Swaps^(a)
Assets		—			3,010			1			3,011
Liabilities		—			(2,845	)		—			(2,845	)
Options written
Liabilities		(10	)		—			—	^(b)		(10	)
Total	$	1,441		$	(60	)	$	1		$	1,382

(a) Forward contracts and futures are reported at the cumulative unrealized appreciation/(depreciation) of the instrument. Equity swaps are reported at the cumulative unrealized appreciation/(depreciation) including financing costs and other receivables/payables. Credit default swaps are reported in the table at value.

(b) Amount less than one thousand.

See Notes to Consolidated Financial Statements

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

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

(000's omitted)	Beginning balance as of 11/1/2017		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 4/30/2018			Net change in unrealized appreciation/ (depreciation) from investments still held as of 4/30/2018
Other Financial Instruments:
Equity swaps
United Kingdom	$	—	$	—	$	1		$	—		$	—	$	—	$	—	$	1		$	1
United States^(a)		230		—		(230	)		—			—		—		—		—			—
Options written
Food Products		—		—		—	^(b)		—	^(b)		—		—		—		—	^(b)		—	^(b)
Total	$	230	$	—	$	(229	)	$	—	^(b)	$	—	$	—	$	—	$	1		$	1

(a) As of the six months ended April 30, 2018, these investments were valued either based on a single quotation obtained from a dealer or valued in accordance with procedures approved by the Board of Trustees. The Fund does not have access to unobservable inputs; however, these investments did not have a material impact on the Fund's net assets and, therefore, disclosure of unobservable inputs used in formulating valuations is not presented.

(b) Amount less than one thousand.

See Notes to Consolidated Financial Statements

Consolidated Statement of Assets and Liabilities (Unaudited)

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

	ABSOLUTE RETURN MULTI-MANAGER FUND
	April 30, 2018
Assets
Investments in securities, at value* (Note A)—see Schedule of Investments:
Unaffiliated issuers^(a)	$	262,165
Cash		11,341
Due from custodian		25
Foreign currency^(b)		376
Cash collateral segregated for short sales (Note A)		20,533
Cash collateral segregated for swap contracts (Note A)		11,165
Cash collateral segregated for forward foreign currency contracts (Note A)		1,883
Dividends and interest receivable		927
Receivable for securities sold		3,093
Receivable for Fund shares sold		1,536
Deposits with brokers for futures contracts (Note A)		2,467
Receivable for variation margin on futures contracts (Note A)		398
OTC swap contracts, at value^(e)(f) (Note A)		3,011
Receivable for forward foreign currency contracts (Note A)		1,611
Prepaid expenses and other assets		43
Total Assets		320,574
Liabilities
Investments sold short, at value^(c) (Note A)		25,389
Option contracts written, at value^(d) (Note A)		10
Dividends and interest payable for short sales		38
OTC swap contracts, at value^(e)(f) (Note A)		2,845
Payable to administrator—net (Note B)		17
Payable to investment manager (Note B)		400
Payable for securities purchased		1,936
Payable for Fund shares redeemed		286
Payable for forward foreign currency contracts (Note A)		1,836
Accrued expenses and other payables		480
Total Liabilities		33,237
Net Assets	$	287,337
Net Assets consist of:
Paid-in capital	$	396,423
Undistributed net investment income/(loss)		657
Accumulated net realized gains/(losses) on investments		(116,306	)
Net unrealized appreciation/(depreciation) in value of investments		6,563
Net Assets	$	287,337
Net Assets
Institutional Class	$	239,948
Class A		18,166
Class C		14,283
Class R6		14,940

See Notes to Consolidated Financial Statements

Consolidated Statement of Assets and Liabilities (Unaudited) (cont'd)

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

	ABSOLUTE RETURN MULTI-MANAGER FUND
	April 30, 2018
Shares Outstanding ($.001 par value; unlimited shares authorized)
Institutional Class		22,251
Class A		1,707
Class C		1,401
Class R6		1,385
Net Asset Value, offering and redemption price per share
Institutional Class	$	10.78
Class R6	$	10.79
Net Asset Value and redemption price per share
Class A	$	10.64
Offering Price per share
Class A‡	$	11.29
Net Asset Value and offering price per share
Class C^	$	10.19
*Cost of Investments:
(a) Unaffiliated issuers	$	257,615
(b) Total cost of foreign currency	$	453
(c) Proceeds from investments sold short	$	26,166
(d) Premium received from option contracts written	$	29
(e) Unamortized upfront receipts on OTC swap contracts	$	(324	)
(f) Unamortized upfront payments on OTC swap contracts	$	502

‡ 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 Consolidated Financial Statements

Consolidated Statement of Operations (Unaudited)

Neuberger Berman Alternative Funds
(000's omitted)

	ABSOLUTE RETURN MULTI-MANAGER FUND
	For the Six Months Ended April 30, 2018
Investment Income:
Income (Note A):
Dividend income—unaffiliated issuers	$	2,279
Interest income—unaffiliated issuers		2,991
Foreign taxes withheld (Note A)		(9	)
Total income	$	5,261
Expenses:
Investment management fees (Note B)		2,666
Administration fees (Note B):
Institutional Class		199
Class A		25
Class C		20
Class R6		6
Distribution fees (Note B):
Class A		24
Class C		78
Shareholder servicing agent fees:
Institutional Class		3
Class A		5
Class C		1
Audit fees		72
Custodian and accounting fees		203
Insurance expense		8
Legal fees		97
Registration and filing fees		43
Shareholder reports		62
Trustees' fees and expenses		24
Dividend and interest expense on securities sold short (Note A)		608
Miscellaneous		14
Total expenses		4,158
Expenses reimbursed by Management (Note B)		(333	)
Expenses reduced by custodian fee expense offset arrangement (Note A)		(1	)
Total net expenses		3,824
Net investment income/(loss)	$	1,437

See Notes to Consolidated Financial Statements

Consolidated Statement of Operations (Unaudited) (cont'd)

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

	ABSOLUTE RETURN MULTI-MANAGER FUND
	For the Six Months Ended April 30, 2018
Realized and Unrealized Gain/(Loss) on Investments (Note A):
Net realized gain/(loss) on:
Transactions in investment securities of unaffiliated issuers		7,091
Closed short positions of unaffiliated issuers		(4,514	)
Settlement of forward foreign currency contracts		(1,074	)
Settlement of foreign currency transactions		668
Expiration or closing of futures contracts		330
Expiration or closing of option contracts written		54
Expiration or closing of swap contracts		1,697
Change in net unrealized appreciation/(depreciation) in value of:
Investment securities of unaffiliated issuers		(5,102	)
Short positions of unaffiliated issuers		(40	)
Forward foreign currency contracts		221
Foreign currency translations		(539	)
Futures contracts		458
Option contracts written		17
Swap contracts		(170	)
Net gain/(loss) on investments		(903	)
Net increase/(decrease) in net assets resulting from operations	$	534

See Notes to Consolidated Financial Statements

Consolidated Statements of Changes in Net Assets

Neuberger Berman Alternative Funds
(000's omitted)

	ABSOLUTE RETURN MULTI-MANAGER FUND
	Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017
Increase/(Decrease) in Net Assets:
From Operations (Note A):
Net investment income/(loss)	$	1,437		$	2,285
Net realized gain/(loss) on investments		4,252			3,423
Change in net unrealized appreciation/(depreciation) of investments		(5,155	)		20,589
Net increase/(decrease) in net assets resulting from operations		534			26,297
From Fund Share Transactions (Note D):
Proceeds from shares sold:		—			—
Institutional Class		31,849			109,581
Class A		4,170			4,382
Class C		311			503
Class R6		6,646			11,240
Payments for shares redeemed:
Institutional Class		(88,273	)		(322,155	)
Class A		(6,571	)		(48,877	)
Class C		(3,848	)		(24,827	)
Class R6		(4,329	)		(2,275	)
Net increase/(decrease) from Fund share transactions		(60,045	)		(272,428	)
Net Increase/(Decrease) in Net Assets		(59,511	)		(246,131	)
Net Assets:
Beginning of period		346,848			592,979
End of period	$	287,337		$	346,848
Undistributed net investment income/(loss) at end of period		657			(780	)

See Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements Absolute Return Multi-Manager Fund

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"). Neuberger Berman Absolute Return Multi-Manager Fund ("Absolute Return Multi-Manager", or the "Fund") is a separate operating series of the Trust, and is diversified. The Fund offers Institutional Class shares, Class A shares, Class C shares and Class R6 shares. The Trust's Board of Trustees (the "Board") may establish additional series or classes of shares without the approval of shareholders.

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

The assets of the Fund belong only to the Fund, and the liabilities of the Fund are borne solely by the 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 ("ASC") Topic 946 "Financial Services—Investment Companies."

The Fund invests in commodity-related instruments through the Neuberger Berman ARMM Fund I Ltd. (the "Subsidiary"), which is organized under the laws of the Cayman Islands. The Fund is and expects to be the sole shareholder of the Subsidiary. The Subsidiary is governed by its own Board of Directors.

As of April 30, 2018, the value of the Fund's investment in the Subsidiary was as follows:

Investment in Subsidiary				Percentage of Net Assets
$	27,446,006				9.6	%

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: In accordance with ASC 820 "Fair Value Measurement" ("ASC 820"), all investments held by the Fund are carried at the value that 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, preferred stocks, exchange traded funds, exchange traded options purchased and options written, master limited partnerships, closed-end funds, rights, and warrants, for which market quotations are readily available, is generally determined by Management by obtaining valuations from independent pricing services based on the latest sale price quoted on a principal exchange or market for that security (Level 1 inputs). Securities traded primarily on the NASDAQ Stock Market are normally valued at the NASDAQ Official Closing Price ("NOCP") provided by NASDAQ each business day. The NOCP is the most recently reported price as of 4:00:02 p.m., Eastern Time, unless that price is outside the range of the "inside" bid and asked prices (i.e., the bid and asked prices that dealers quote to each other when trading for their own accounts); in that case, NASDAQ will adjust the price to equal the inside bid or asked price, whichever is closer. Because of delays in reporting trades, the NOCP may not be based on the price of the last trade to occur before the market closes. If there is no sale of a security on a particular day, the independent pricing services may value the security based on market quotations.

The value of the Fund's investments for long and short positions in debt securities is determined by Management primarily by obtaining valuations from independent pricing services based on readily available bid or offer quotations, respectively, or if quotations are not available, by methods which include various considerations based on security type (generally Level 2 inputs). In addition to the consideration of yields or prices of securities of comparable quality, coupon, maturity and type, indications as to values from dealers, and general market conditions, the following is a description of other Level 2 inputs and related valuation techniques used by independent pricing services to value certain types of debt securities held by the Fund:

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

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

The value of 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 equity swaps is determined by Management by obtaining valuations from independent pricing services using the underlying asset and stated London Interbank Offered Rate ("LIBOR") or Federal Funds floating rate (generally Level 2 or Level 3 inputs).

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

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

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 Board has approved in the good-faith belief that the resulting valuation will reflect the fair value of the security. Numerous factors may be considered when determining the fair value of a security based on Level 2 or Level 3 inputs, including available analyst, media or other reports, securities within the same industry with recent highly correlated performance, trading in futures or American Depositary Receipts ("ADRs") and whether the issuer of the security being fair valued has other securities outstanding.

The value of the Fund's investments in foreign securities is generally determined using the same valuation methods and inputs as other Fund investments, as discussed above. Foreign security prices expressed in local currency values are normally translated from the local currency into U.S. dollars using the exchange rates as of 4:00 p.m. Eastern Time on days the New York Stock Exchange ("NYSE") is open for business. The Board has approved the use of Interactive Data Pricing and Reference Data, LLC ("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 debt securities as of the time as of which the Fund's share price is calculated. Interactive utilizes benchmark spread and yield curves and evaluates available market activity from the local close to the time as of which the Fund's share price is calculated (Level 2 inputs) to assist in determining prices for certain foreign debt securities. In the case of both foreign equity and foreign debt securities, in the absence of precise information about the market values of these foreign securities as of the time as of which the Fund's share price is calculated, the Board has determined on the basis of available data that prices adjusted or evaluated in this way are likely to be closer to the prices 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.

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

5 Securities transactions and investment income: Securities transactions are recorded on trade date for financial reporting purposes. Dividend income is recorded on the ex-dividend date or, for certain foreign dividends, as soon as 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 Consolidated Statement of Operations. Included in net realized gain (loss) on investments are proceeds from the settlement of class action litigations in which the Fund participated as a class member. The amounts of such proceeds for the six months ended April 30, 2018, was $12,659.

6 Income tax information: The Fund is treated as a separate entity for U.S. federal income tax purposes. It is the policy of the 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 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, 2018, 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.

At April 30, 2018 the cost of long security positions and short security positions for U.S. federal income tax purposes was $231,432,697. Gross unrealized appreciation of long security positions, short security positions and derivative instruments was $21,691,397 and gross unrealized depreciation of long security positions, short security positions and derivative instruments was $14,932,680, resulting in net unrealized appreciation of $6,758,717 based on cost for U.S. federal income tax purposes.

As determined on October 31, 2017, 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: paydown gains and losses, partnership basis adjustments, income recognized on swap transactions, the tax treatment of foreign currency gains and losses, payments in lieu of dividends on short sales and gains from passive foreign investment companies ("PFICS"). 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, 2017, the Fund recorded the following permanent reclassifications:

Paid-in Capital				Undistributed Net Investment Income/(Loss)				Accumulated Net Realized Gains/(Losses) on Investments
$	(3,136,100	)		$	(3,078,708	)		$	6,214,808

The tax character of distributions paid during the years ended October 31, 2017 and October 31, 2016 was as follows:

								Distributions Paid From:
Ordinary Income				Tax-Exempt Income				Long-Term Capital Gain				Return of Capital				Total
2017		2016		2017		2016		2017		2016		2017		2016		2017		2016
$	—	$	15,787,471	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	15,787,471

As of October 31, 2017, the components of distributable earnings (accumulated losses) on a U.S. federal income tax basis were as follows:

Undistributed Ordinary Income/(Loss)				Undistributed Long-Term Capital Gain				Unrealized Appreciation/ (Depreciation)				Loss Carryforwards and Deferrals				Other Temporary Differences				Total
$	—			$	—			$	1,583,788			$	(109,478,409	)		$	(1,724,388	)		$	(109,619,009	)

The temporary differences between book basis and tax basis distributable earnings are primarily due to: losses disallowed and recognized on wash sales, short sales, straddles, mark-to-market adjustments on swaps, futures, options and forwards, unamortized organization expenses, tax adjustments related to real estate investment trusts ("REITs"), PFICs, partnerships, swap contracts, short sales and other investments and capital loss carryforwards.

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. 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, 2017, the Fund had unused capital loss carryforwards available for federal income tax purposes to offset net realized capital gains, if any, as follows:

Long-Term				Short-Term
$	42,580,623			$	66,897,786

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

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

It is the policy of the Fund to pass through to its shareholders substantially all REIT distributions and other income it receives, less operating expenses. The distributions received from REITs are generally composed of income, capital gains, and/or return of REIT capital, but the REITs do not report this information to the Fund until the following calendar year. At April 30, 2018, the Fund estimated these amounts for the period January 1, 2018 to April 30, 2018 within the financial statements because the 2018 information is not available from the REITs until after the Fund's fiscal year-end. All estimates are based upon REIT information sources available to the Fund together with actual IRS Forms 1099-DIV received to date. For the year ended October 31, 2017, the character of distributions paid to shareholders of the Fund disclosed within the Consolidated Statements of Changes in Net Assets is based on estimates made at that time. Based on past experience it is possible that a portion of the Fund's distributions during the current fiscal year, if any, will be considered tax return of capital, but the actual amount of the tax return of capital, if any, is not determinable until after the Fund's fiscal year-end. After calendar year-end, when the Fund learns 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 the Fund of the actual breakdown of distributions paid to the Fund during its fiscal year, estimates

previously recorded are adjusted on the books of the Fund to reflect actual results. As a result, the composition of the Fund's distributions as reported herein may differ from the final composition determined after calendar year-end and reported to the Fund shareholders on IRS Form 1099-DIV.

9 Expense allocation: Certain expenses are applicable to multiple funds within the complex of related investment companies. Expenses directly attributable to 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 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. 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 the "Cash collateral segregated for short sales" on the Consolidated Statement of Assets and Liabilities. The Fund is required to segregate an amount of cash or liquid securities in an amount at least equal to the current market value of the securities sold short (less any additional collateral pledged to the lender). The Fund is contractually responsible to remit to the lender any dividends and interest payable on securities while those securities are being borrowed by the Fund. The Fund may receive or pay the net of the interest charged by the prime broker on the borrowed securities and a financing charge for the difference in the market value of the short position and the cash collateral deposited with the broker. This income or fee is calculated daily based upon the market value of each borrowed security and a variable rate that is dependent on the availability of the security. These costs related to short sales (i.e., dividend and interest remitted to the lender and interest charged by the prime broker) are recorded as an expense of the Fund and are excluded from the contractual expense limitation. A net negative expense, if any, represents a gain to the Fund as the total cash rebates received exceeded the other costs related to short sales. The net amount of fees incurred are included in the "Dividend and interest expense on securities sold short" on the Consolidated Statement of Operations and were $52,676 for the six months ended April 30, 2018.

At April 30, 2018, the Fund had cash pledged in the amount of $20,532,585 to JPMorgan Chase Bank, NA ("JPM"), as collateral for short sales. In addition, JPM has a perfected security interest in these assets. At April 30, 2018, the Fund had securities pledged in the amount of $10,909,767 to JPM to cover collateral requirements for borrowing in connection with securities sold short and options written.

12 Investment company securities, exchange traded funds and exchange traded notes: The Fund 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 that permits the Fund to invest in both affiliated and unaffiliated investment companies, including ETFs, 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. 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. The Fund may also invest in exchange traded notes ("ETNs"). ETNs are senior, unsecured, unsubordinated debt securities that are linked to the performance of a particular market index or strategy. The issuer of the ETN pays the Fund an amount based on the returns of the underlying index or strategy, plus principal at maturity. The Fund will bear any applicable fees to the issuer upon redemption or maturity, which will increase expenses and decrease returns.

13 Derivative instruments: The Fund's use of derivatives during the six months ended April 30, 2018, is described below. Please see the Consolidated Schedule of Investments for the Fund's open positions in derivatives, if any, at April 30, 2018. 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.

Credit default swap contracts: During the six months ended April 30, 2018, the Fund used credit default swaps as part of its investment strategies, to enhance returns and to hedge against unfavorable changes in the value of investments and to protect against adverse movements in interest rates or credit performance with counterparties.

Over the counter ("OTC") credit default swap contracts: When the Fund is the buyer of an OTC credit default swap contract, it is entitled to receive the notional amount of the swap from the counterparty if a credit event occurs. In return, the Fund pays the counterparty a periodic stream of payments over the term of the contract provided that no credit event has occurred. If no credit event occurs, the Fund would have spent the stream of payments and received no proceeds from the contract. When the 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 the 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. Cash settlement in and out of the swap may occur at a reset date or any other date, at the discretion of the Fund and the counterparty, over the life of the agreement, and is generally determined based on limits and thresholds established as part of an International Swaps and Derivatives Association (ISDA) agreement between the Fund and the counterparty. For financial

reporting purposes, unamortized upfront payments/(receipts), if any, are netted with unrealized appreciation or depreciation and net interest received or paid on swap contracts to determine the fair value of swaps.

Centrally cleared swap contracts: Certain clearinghouses currently offer clearing for limited types of derivative transactions, including certain credit default swaps. In a cleared derivative transaction, the 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. The 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 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/(receipts), if any, are netted with unrealized appreciation or depreciation and net interest received or paid on swap contracts to determine the fair value of swaps.

Futures contracts: During the six months ended April 30, 2018, the Fund used futures for economic hedging purposes and to enhance returns.

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

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

Equity swap contracts: During the six months ended April 30, 2018, the Fund used equity swaps to provide investment exposure to certain investments, primarily foreign securities.

Equity swaps are two-party contracts in which counterparties exchange the return on a specified reference security, basket of securities, security index or index component for the return based on a fixed or floating interest rate during the period of the swap. Equity swaps are marked to market daily based on the value of the underlying reference entity and the change, if any, is recorded as an unrealized gain or loss. Equity swaps normally do not involve the delivery of securities or other underlying assets. Cash settlement in and out of the swap may occur at a reset date or any other date, at the discretion of the Fund and the counterparty, over the life of the agreement, and is generally determined based on limits and thresholds established as part of an ISDA agreement between the Fund and the counterparty. If the other party to an equity swap defaults, the Fund's risk of loss consists of the net amount of payments that the Fund is contractually entitled to receive, if any. Equity swaps are derivatives and their value

can be very volatile. To the extent that future market trends, the values of assets or economic factors are not accurately analyzed and predicted, the Fund may suffer a loss, which may exceed the related amounts shown in the Consolidated Statement of Assets and Liabilities. Periodic payments received or paid by the Fund are recorded as realized gains or losses.

Forward foreign currency contracts: During the six months ended April 30, 2018, the Fund used forward foreign currency contracts to hedge foreign currency and to enhance returns.

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 contract and the value of the foreign currency in U.S. dollars upon closing a contract is included in "Net realized gain (loss) on settlement of forward foreign currency contracts" in the Consolidated Statement of Operations. These contracts may involve market risk in excess of the unrealized gain or loss reflected in the Fund's Consolidated Statement of Assets and Liabilities. In addition, the Fund could be exposed to risks associated with fluctuations in foreign currency and the risk the counterparty will fail to fulfill its obligation.

Options: For the six months ended April 30, 2018, the Fund used options written to generate incremental returns. The Fund used purchased options to manage or adjust the risk profile and the investment exposure of the Fund to certain securities and to enhance returns.

Premiums paid by the Fund upon purchasing a call or put option are recorded in the asset section of the Fund's Consolidated 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 asset is eliminated. For purchased call options, the Fund's loss is limited to the amount of the option premium paid.

Premiums received by the Fund upon writing a call option or a put option are recorded in the liability section of the Fund's Consolidated 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 the Fund writes a call option on an underlying asset it does not own, its exposure on such an option is theoretically unlimited. When writing a covered call option, 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.

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

At April 30, 2018, the Fund had the following derivatives (which did not qualify as hedging instruments under ASC 815), grouped by primary risk exposure:

Asset Derivatives
(000's omitted)

Derivative Type	Consolidated Statement of Assets and Liabilities Location	Credit Risk		Currency Risk		Equity Risk		Interest Rate Risk		Commodity Risk		Total
OTC swaps	OTC swap contracts, at value⁽¹⁾	$	285	$	—	$	2,726	$	—	$	—	$	3,011
Futures	Receivable/Payable for variation margin on futures contracts⁽²⁾		—		960		164		196		223		1,543
Forward contracts	Receivable for forward foreign currency contracts		—		1,611		—		—		—		1,611
Options purchased	Investments in securities, at value		—		—		117		—		—		117
Total Value—Assets		$	285	$	2,571	$	3,007	$	196	$	223	$	6,282

Liability Derivatives
(000's omitted)

Derivative Type	Consolidated Statement of Assets and Liabilities Location	Credit Risk			Currency Risk			Equity Risk			Interest Rate Risk			Commodity Risk			Total
OTC swaps	OTC swap contracts, at value⁽¹⁾	$	(498	)	$	—		$	(2,347	)	$	—		$	—		$	(2,845	)
Futures	Receivable/Payable for variation margin on futures contracts⁽²⁾		—			—			(10	)		(43	)		(39	)		(92	)
Forward contracts	Payable for forward foreign currency contracts		—			(1,836	)		—			—			—			(1,836	)
Options written	Option contracts written, at value		—			—			(10	)		—			—			(10	)
Total Value—Liabilities		$	(498	)	$	(1,836	)	$	(2,367	)	$	(43	)	$	(39	)	$	(4,783	)

(1) "OTC swap contracts" reflects the unrealized appreciation/(depreciation) of the OTC swap contracts plus accrued interest as of April 30, 2018, which is reflected in the Consolidated Statement of Assets and Liabilities under the caption "OTC swap contracts, at value."

(2) "Futures" reflects the cumulative unrealized appreciation/(depreciation) of futures as of April 30, 2018, which is reflected in the Consolidated Statement of Assets and Liabilities under the caption "Net unrealized appreciation (depreciation) in value of investments." The current day's variation margin as of April 30, 2018, if any, is reflected in the Consolidated Statement of Assets and Liabilities under the caption "Receivable/Payable for variation margin on futures contracts."

The impact of the use of these derivative instruments on the Consolidated Statement of Operations during the six months ended April 30, 2018, was as follows:

Realized Gain/(Loss)
(000's omitted)

Derivative Type	Consolidated Statement of Operations Location	Credit Risk			Currency Risk			Equity Risk			Interest Rate Risk		Commodity Risk		Total
Forward contracts	Net realized gain/(loss) on: Settlement of forward foreign currency contracts	$	—		$	(1,074	)	$	—		$	—	$	—	$	(1,074	)
Futures	Net realized gain /(loss) on: Expiration or closing of futures contracts		—			(466	)		221			40		535		330
Options purchased	Net realized gain/(loss) on: Transactions in investment securities of unaffiliated issuers		—			—			(311	)		—		—		(311	)
Options written	Net realized gain/(loss) on: Expiration or closing of option contracts written		—			—			54			—		—		54
Swaps	Net realized gain/(loss) on: Expiration or closing of swaps contracts		(658	)		—			2,355			—		—	$	1,697
Total Realized Gain/(Loss)		$	(658	)	$	(1,540	)	$	2,319		$	40	$	535	$	696

Change in Appreciation/(Depreciation)

Derivative Type	Consolidated Statement of Operations Location	Credit Risk		Currency Risk			Equity Risk			Interest Rate Risk		Commodity Risk			Total
Forward contracts	Change in net unrealized appreciation/(depreciation) in value of: Forward foreign currency contracts	$	—	$	221		$	—		$	—	$	—		$	221
Futures	Change in net unrealized appreciation/(depreciation) in value of: Futures contracts		—		(209	)		621			52		(6	)		458
Option contracts purchased	Change in net unrealized appreciation/(depreciation) in value of: Investment securities of unaffiliated issuers		—		—			105			—		—			105
Options written	Change in net unrealized		—		—			17			—		—			17
	appreciation/(depreciation) in value of: Option contracts written
Swaps	Change in net unrealized		275		—			(445	)		—		—			(170	)
	appreciation/(depreciation) in value of: Swap contracts
Total Change in Appreciation/(Depreciation)	$275			$12			$298			$52		$(6)			$631

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

The 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 Consolidated 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 or similar agreement and net of the related collateral received by the Fund for assets and pledged by the Fund for liabilities as of April 30, 2018.

Description (000's omitted)	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Consolidated Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Consolidated Statement of Assets and Liabilities
OTC swap contracts	$	3,011	$	—	$	3,011
Forward contracts		1,611		—		1,611
Total	$	4,622	$	—	$	4,622

Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities

Counterparty (000's omitted)	Net Amounts of Assets Presented in the Consolidated Statement of Assets and Liabilities		Liabilities Available for Offset			Cash Collateral Received^(a)		Net Amount^(b)
Societe Generale	$	1,231	$	(1,231	)	$	—	$	—
JPMorgan Chase Bank, NA		2,083		(1,176	)		—		907
Morgan Stanley Capital Services LLC		1,308		(1,308	)		—		—
	$	4,622	$	(3,715	)	$	—	$	907

Description (000's omitted)	Gross Amounts of Recognized Liabilites			Gross Amounts Offset in the Consolidated Statement of Assets and Liabilities		Net Amounts of Liabilities Presented in the Consolidated Statement of Assets and Liabilities
OTC swap contracts	$	(2,845	)	$	—	$	(2,845	)
Forward contracts		(1,836	)		—		(1,836	)
Total	$	(4,681	)	$	—	$	(4,681	)

Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities

Counterparty (000's omitted)	Net Amounts of Liabilites Presented in the Consolidated Statement of Assets and Liabilities			Assets Available for Offset		Cash Collateral Pledged^(a)		Net Amount^(c)
Societe Generale	$	(1,794	)	$	1,231	$	563	$	—
JPMorgan Chase Bank, NA		(1,176	)		1,176		—		—
Morgan Stanley Capital Services LLC		(1,711	)		1,308		403		—
	$	(4,681	)	$	3,715	$	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, 2018, 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 Unfunded loan commitments: The Fund may enter into certain credit agreements all or a portion of which may be unfunded. The Fund is obligated to fund these commitments at the borrower's discretion. As of April 30, 2018, the value of unfunded loan commitments was approximately $74,000 pursuant to the following loan agreement.

(000's omitted) Borrower	Principal Amount		Value
Access CIG LLC, Delayed Draw Term Loan, 2.02%, 2/27/2025	$	36	$	36
Convergint Technologies LLC, Delayed Draw Term Loan, 2/3/2025^(a)		22		22
Mavis Tire Express, Delayed Draw 1st Lien Term Loan, 0.15%, 3/15/2025^(a)		20		20
Traeger Pellet Grills LLC, Delayed Draw Term Loan 5.00%, 9/21/2024		9		9
Total			$	87

(a) Value determined using significant unobservable inputs.

16 Expense offset arrangement: The Fund has an expense offset arrangement in connection with its custodian contract. For the six months ended April 30, 2018, the impact of this arrangement was a reduction of expenses of $1,124.

17 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—Investment 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 1.700% 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, 2018, the investment management fee pursuant to the Investment Management Agreement was equivalent to an annual effective rate of 1.69% of the Fund's average daily net assets.

The Fund retains Management as its administrator under an Administration Agreement. Prior to July 1, 2017, the Fund paid Management an administration fee at the annual rate of 0.06% of its average daily net assets under this agreement. Additionally, the Institutional Class of the Fund paid Management an administration fee at the annual rate of 0.09% of its average daily net assets, Class A and Class C of the Fund paid Management an administration fee at the annual rate of 0.20% of its average daily net assets and Class R6 of the Fund paid Management an administration fee at the annual rate of 0.02% of its average daily net assets under this agreement. Effective July 1, 2017, the administration fee is only assessed at the Class level and each share class of the Fund, as applicable, pays Management an annual administration fee equal to the following: 0.15% for Institutional Class; 0.26% for each of, Class A and Class C; and 0.08% for Class R6, each as a percentage of its average daily net assets. This did not result in an increase in the administration fee for any share class. Additionally, Management retains JPMorgan Chase

Bank, NA ("JPM") as its sub-administrator under a Sub-Administration Agreement. Management pays JPM a fee for all services received under the agreement.

Management has contractually agreed to waive fees and/or reimburse certain expenses of the Institutional Class, Class A, Class C and Class R6 of 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 exclude interest, taxes, brokerage commissions, acquired fund fees and expenses, extraordinary expenses, dividend and interest expenses relating to short sales, if any (commitment fees relating to borrowings are treated as interest for purposes of this exclusion) ("annual operating expenses"); 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. 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, 2018, these Subsidiary expenses amounted to $48,379.

At April 30, 2018, contingent liabilities to Management under the agreements were as follows:

					Expenses Reimbursed in Year Ended, October 31,
					2015		2016		2017		2018
					Subject to Repayment until October 31,
	Contractual Expense Limitation⁽¹⁾			Expiration	2018		2019		2020		2021
Institutional Class		1.97	%	10/31/21	$	—	$	377,847	$	453,077	$	276,543
Class A		2.33	%	10/31/21		—		89,779		48,418		24,708
Class C		3.08	%	10/31/21		—		40,256		33,125		17,347
Class R6		1.90	%	10/31/21		—		1,667		1,142		14,531

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

At April 30, 2018, Management engaged BH-DG Systematic Trading LLP, Cramer Rosenthal McGlynn, LLC, GAMCO Asset Management Inc., Good Hill Partners LP, P/E Global, LLC, Portland Hill Asset Management Limited, Sound Point Capital Management, L.P., and TPH Asset Management, LP as subadvisers of the Fund to provide investment management services. Management compensates the subadvisers out of the investment advisory fees it receives from the Fund.

The Fund also has a distribution agreement with Neuberger Berman BD LLC (the "Distributor") with respect to each class of shares. The Distributor 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, the Distributor 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, the Distributor activities and expenses related to the sale and distribution of these classes, and ongoing services provided to investors in these classes, the Distributor 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. The Distributor 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 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.

Underwriter

Broker-Dealer

Net Initial
Sales Charges

CDSC

Net Initial
Sales Charges

CDSC

Class A

—

Class C

—

Note C—Securities Transactions:

During the six months ended April 30, 2018, there were purchase and sale transactions of long-term securities (excluding equity swaps, total return swaps, credit default swaps, forward contracts, futures and option contracts) as follows:

(000's omitted)				Purchases of U.S. Government and Agency Obligations				Purchases excluding U.S. Government and Agency Obligations				Securities Sold Short excluding U.S. Government and Agency Obligations				Sales and Maturities of U.S. Government and Agency Obligations				Sales and Maturities excluding U.S. Government and Agency Obligations				Covers on Securities Sold Short excluding U.S. Government and Agency Obligations
				$	—			$	279,770			$	45,372			$	—			$	355,271			$	87,552

During the six months ended April 30, 2018, 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, 2018 and year ended October 31, 2017 was as follows:

	For the Six Months Ended April 30, 2018										For the Year Ended October 31, 2017
(000's omitted)	Shares Sold		Shares Issued on Reinvestment of Dividends and Distributions		Shares Redeemed			Total			Shares Sold		Shares Issued on Reinvestment of Dividends and Distributions		Shares Redeemed			Total
Institutional Class		2,949		—		(8,157	)		(5,208	)		10,473		—		(30,747	)		(20,274	)
Class A		390		—		(616	)		(226	)		423		—		(4,717	)		(4,294	)
Class C		30		—		(375	)		(345	)		50		—		(2,485	)		(2,435	)
Class R6		613		—		(403	)		210			1,058		—		(217	)		841

Other: At April 30, 2018, there were no affiliated investors owning the Fund's outstanding shares.

Note E—Line of Credit:

At April 30, 2018, 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. Series of other investment companies managed by Management also participate in this line of credit on substantially the same terms. Interest is charged on borrowings under this Credit Facility at the highest of (a) a federal funds effective rate plus 1.00% per annum, (b) a Eurodollar rate for a one-month period plus 1.00% per annum, and (c) an overnight bank funding rate plus 1.00% per annum. The Credit Facility has an annual commitment fee of 0.15% per annum of the available line of credit, which is paid quarterly. 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 for the Fund at April 30, 2018.

During the period ended April 30, 2018, the Fund did not utilize the line of credit.

Note F—Recent Accounting Pronouncement:

Note G—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

Absolute Return Multi-Manager Fund

The following tables include selected data for a share outstanding throughout each period and other performance information derived from the Financial Statements. Amounts that do not round to $0.01 or $(0.01) per share are presented as $0.00 or $(0.00), respectively. Ratios that do not round to 0.01% or (0.01)% 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^†d			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^Ø			Ratio of Net Expenses to Average Net Assets (excluding dividend and Interest expense relating to short sales)^Ø			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
4/30/2018^ß (Unaudited)	$	10.77	$	0.05		$	(0.04	)	$	0.01		$	—		$	—		$	—	$	—		$	10.78		0.09	%**	$	239.9		2.56	%*		2.18	%*		2.36	%*		1.97	%*		0.99	%*		107	%**		93	%**
10/31/2017^ß	$	10.18	$	0.06		$	0.53		$	0.59		$	—		$	—		$	—	$	—		$	10.77		5.80	%	$	295.7		2.69	%		2.09	%		2.57	%^§		1.97	%^§		0.61	%		382	%		357	%
10/31/2016^ß	$	10.47	$	0.02		$	(0.18	)	$	(0.16	)	$	(0.03	)	$	(0.10	)	$	—	$	(0.13	)	$	10.18		(1.57	)%	$	485.8		2.83	%^‡		2.02	%^‡		2.78	%^§‡		1.97	%^§‡		0.18	%^‡		485	%		474	%
10/31/2015	$	11.00	$	(0.04	)	$	(0.19	)	$	(0.23	)	$	(0.07	)	$	(0.23	)	$	—	$	(0.30	)	$	10.47		(2.10	)%	$	1,343.3		2.71	%		1.97	%		2.71	%^§		1.97	%^§		(0.40	)%		433	%		452	%
10/31/2014	$	10.86	$	(0.01	)	$	0.22		$	0.21		$	—		$	(0.07	)	$	—	$	(0.07	)	$	11.00		1.96	%	$	1,275.3		2.64	%		2.13	%		0.03	%		0.02	%		(0.10	)%		329	%		257	%
10/31/2013	$	10.00	$	(0.08	)	$	1.00		$	0.92		$	(0.02	)	$	(0.04	)	$	—	$	(0.06	)	$	10.86		9.19	%	$	324.3		2.89	%		2.60	%		0.02	%		0.02	%		(0.74	)%		421	%		330	%
Class A
4/30/2018^ß (Unaudited)	$	10.65	$	0.03		$	(0.04	)	$	(0.01	)	$	—		$	—		$	—	$	—		$	10.64		(0.09	)%**	$	18.2		2.97	%*		2.58	%*		2.71	%*		2.33	%*		0.62	%*		107	%**		93	%**
10/31/2017^ß	$	10.10	$	0.02		$	0.53		$	0.55		$	—		$	—		$	—	$	—		$	10.65		5.45	%	$	20.6		3.13	%		2.47	%		2.99	%^§		2.33	%^§		0.17	%		382	%		357	%
10/31/2016^ß	$	10.40	$	(0.02	)	$	(0.18	)	$	(0.20	)	$	—		$	(0.10	)	$	—	$	(0.10	)	$	10.10		(1.91	)%	$	62.9		3.20	%^‡		2.40	%^‡		3.13	%^§‡		2.33	%^§‡		(0.16	)%^‡		485	%		474	%
10/31/2015	$	10.92	$	(0.08	)	$	(0.18	)	$	(0.26	)	$	(0.03	)	$	(0.23	)	$	—	$	(0.26	)	$	10.40		(2.47	)%	$	210.6		3.06	%		2.33	%		3.06	%^§		2.33	%^§		(0.71	)%		433	%		452	%
10/31/2014	$	10.82	$	(0.04	)	$	0.21		$	0.17		$	—		$	(0.07	)	$	—	$	(0.07	)	$	10.92		1.60	%	$	242.2		3.02	%		2.49	%		2.90	%		2.38	%		(0.40	)%		329	%		257	%
10/31/2013	$	9.99	$	(0.12	)	$	0.99		$	0.87		$	—		$	(0.04	)	$	—	$	(0.04	)	$	10.82		8.70	%	$	124.7		3.27	%		2.99	%		2.62	%		2.34	%		(1.17	)%		421	%		330	%
Class C
4/30/2018^ß (Unaudited)	$	10.24	$	(0.01	)	$	(0.04	)	$	(0.05	)	$	—		$	—		$	—	$	—		$	10.19		(0.49	)%**	$	14.3		3.69	%*		3.30	%*		3.47	%*		3.08	%*		(0.12	)%*		107	%**		93	%**
10/31/2017^ß	$	9.78	$	(0.05	)	$	0.51		$	0.46		$	—		$	—		$	—	$	—		$	10.24		4.70	%	$	17.9		3.82	%		3.21	%		3.69	%^§		3.08	%^§		(0.53	)%		382	%		357	%
10/31/2016^ß	$	10.15	$	(0.09	)	$	(0.18	)	$	(0.27	)	$	—		$	(0.10	)	$	—	$	(0.10	)	$	9.78		(2.66	)%	$	40.9		3.96	%^‡		3.15	%^‡		3.89	%^§‡		3.08	%^§‡		(0.96	)%^‡		485	%		474	%
10/31/2015	$	10.72	$	(0.16	)	$	(0.18	)	$	(0.34	)	$	—		$	(0.23	)	$	—	$	(0.23	)	$	10.15		(3.21	)%	$	87.1		3.81	%		3.08	%		3.81	%^§		3.08	%^§		(1.48	)%		433	%		452	%
10/31/2014	$	10.71	$	(0.13	)	$	0.21		$	0.08		$	—		$	(0.07	)	$	—	$	(0.07	)	$	10.72		0.77	%	$	95.3		3.77	%		3.26	%		3.66	%		3.15	%		(1.18	)%		329	%		257	%
10/31/2013	$	9.95	$	(0.21	)	$	1.01		$	0.80		$	—		$	(0.04	)	$	—	$	(0.04	)	$	10.71		8.03	%	$	21.3		4.01	%		3.72	%		3.38	%		3.09	%		(1.94	)%		421	%		330	%
Class R6
4/30/2018^ß (Unaudited)	$	10.77	$	0.05		$	(0.03	)	$	0.02		$	—		$	—		$	—	$	—		$	10.79		0.19	%**	$	14.9		2.50	%*		2.11	%*		2.29	%*		1.90	%*		1.02	%*		107	%**		93	%**
10/31/2017^ß	$	10.17	$	0.05		$	0.55		$	0.60		$	—		$	—		$	—	$	—		$	10.77		5.90	%	$	12.7		2.40	%		1.93	%		2.37	%^§		1.90	%^§		0.51	%		382	%		357	%
10/31/2016^ß	$	10.47	$	0.04		$	(0.21	)	$	(0.17	)	$	(0.03	)	$	(0.10	)	$	—	$	(0.13	)	$	10.17		(1.58	)%	$	3.4		2.71	%^‡		1.92	%^‡		2.69	%^§‡		1.90	%^§‡		0.37	%^‡		485	%		474	%
10/31/2015	$	11.01	$	(0.01	)	$	(0.22	)	$	(0.23	)	$	(0.08	)	$	(0.23	)	$	—	$	(0.31	)	$	10.47		(2.14	)%	$	17.4		2.66	%		1.90	%		2.66	%^§		1.90	%^§		(0.08	)%		433	%		452	%
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	%*		1.98	%*		0.10	%*		329	%^ØØ		257	%^ØØ

See Notes to Financial Highlights

Notes to Financial Highlights (Unaudited)

@ 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 the Fund during each fiscal period. Returns assume income dividends and other distributions, if any, were reinvested, but do not reflect the effect of sales charges. Results represent past performance and do not indicate future results. Current returns may be lower or higher than the performance data quoted. Investment returns and principal will fluctuate and shares, when redeemed, may be worth more or less than original cost. Total return would have been lower if Management had not reimbursed and/or waived certain expenses. Total return would have been higher if Management had not recouped previously reimbursed and/or waived expenses.

d The class action proceeds listed in Note A of the Notes to Consolidated Financial Statements, if any, had no impact on the Fund's total returns for the period ended April 30, 2018.

# Represents the annualized ratios of net expenses to average daily net assets if Management had not reimbursed certain expenses and/or waived a portion of the investment management fee.

‡ Organization expense, which is a non-recurring expense, is included in these ratios on a non-annualized basis.

** Not annualized.

* Annualized.

^ The date investment operations commenced.

ß Consolidated financial highlights (see Note A in the Notes to Consolidated Financial Statements).

Ø After reimbursement of expenses and/or waiver of a portion of the investment management fee by Management. The Fund is required to calculate an expense ratio without taking into consideration any expense reductions related to expense offset arrangements. Had 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			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, 2018						Year Ended October 31, 2017						Year Ended October 31, 2016						Year Ended October 31, 2015						Year Ended October 31, 2014						Year Ended October 31, 2013
Institutional Class		2.36	%		1.97	%		2.57	%		1.97	%		2.78	%		1.97	%		2.71	%		1.97	%		2.55	%		2.04	%		2.30	%		2.01	%
Class A		2.71	%		2.33	%		2.99	%		2.33	%		3.13	%		2.33	%		3.06	%		2.33	%		2.90	%		2.38	%		2.63	%		2.35	%
Class C		3.47	%		3.08	%		3.69	%		3.08	%		3.89	%		3.08	%		3.81	%		3.08	%		3.66	%		3.15	%		3.39	%		3.10	%
Class R6		2.29	%		1.90	%		2.37	%		1.90	%		2.69	%		1.90	%		2.66	%		1.90	%		2.46	%⁽¹⁾		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 the Fund.

Notes to Financial Highlights (Unaudited) (cont'd)

	Including Dividend and Interest Expense Relating to Short Sales			Excluding Dividend and Interest Expense Relating to Short Sales			Including Dividend and Interest Expense Relating to Short Sales			Excluding Dividend and Interest Expense Relating to Short Sales
	Year Ended October 31, 2016						Year Ended October 31, 2015
Institutional Class		2.77	%		1.96	%		2.64	%		1.90	%
Class A		3.13	%		2.33	%		3.02	%		2.29	%
Class C		3.88	%		3.07	%		3.75	%		3.02	%
Class R6		2.68	%		1.89	%		2.59	%		1.83	%

By:	/s/ Joseph V. Amato
	Joseph V. Amato
	Chief Executive Officer and President

By:	/s/ John M. McGovern
	John M. McGovern
	Treasurer and Principal Financial
	and Accounting Officer