Neuberger Berman Alternative Funds NCSR Certified annual shareholder report (management investment company)

As filed with the Securities and Exchange Commission on January 8, 2015

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811- 21715

NEUBERGER BERMAN ALTERNATIVE FUNDS

(Exact Name of the Registrant as Specified in Charter)

c/o Neuberger Berman Management LLC

605 Third Avenue, 2nd Floor

New York, New York 10158-0180

(Address of Principal Executive Offices – Zip Code)

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

Robert Conti

Chief Executive Officer and President

Neuberger Berman Alternative Funds

c/o Neuberger Berman Management LLC

605 Third Avenue, 2nd Floor

New York, New York 10158-0180

Arthur C. Delibert, Esq.

K&L Gates LLP

1601 K Street, N.W.

Washington, D.C. 20006-1600

(Names and Addresses of agents for service)

Date of fiscal year end: October 31

Date of reporting period: October 31, 2014

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 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection and policymaking roles.

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

Item 1. Report to Shareholders.

Neuberger Berman
Alternative and Multi-Asset Class Funds

Institutional Class Shares
Class A Shares
Class C Shares
Class R6 Shares

Absolute Return Multi-Manager Fund

Long Short Multi-Manager Fund

Annual Report

October 31, 2014

Contents

THE FUNDS
President's Letter					1
PORTFOLIO COMMENTARY
Absolute Return Multi-Manager Fund					2
Long Short Multi-Manager Fund					5
FUND EXPENSE INFORMATION					10
SCHEDULE OF INVESTMENTS/TOP TEN EQUITY HOLDINGS
Absolute Return Multi-Manager Fund					12
Long Short Multi-Manager Fund					36
FINANCIAL STATEMENTS					52
FINANCIAL HIGHLIGHTS (ALL CLASSES)/ PER SHARE DATA					81
Report of Independent Registered Public Accounting Firm					86
Directory					87
Trustees and Officers					88
Proxy Voting Policies and Procedures					95
Quarterly Portfolio Schedule					95
Notice to Shareholders					95
Board Consideration of the Management and Sub-Advisory Agreements					96

The "Neuberger Berman" name and logo are registered service marks of Neuberger Berman Group LLC. "Neuberger Berman Management LLC" and the individual Fund names in this piece are either service marks or registered service marks of Neuberger Berman Management LLC. ^_©2014 Neuberger Berman Management LLC. All rights reserved.

President's Letter

Dear Shareholder,

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

The global financial markets faced a number of challenges during the reporting period, but generally produced positive results. After a lengthy period of relatively low volatility, the markets experienced sharp fluctuations at times over the 12 months ended October 31, 2014. This was triggered by a number of factors, including signs of moderating global growth, uncertainness regarding future central bank monetary policy and several geopolitical issues. While U.S. equities largely overcame these challenges and posted strong returns, emerging market equities produced only a modest gain and international developed market equities were largely flat. After a difficult start, the fixed income market rallied and generated a positive return for the period. Among the best performers were emerging market debt, high yield and investment grade corporate bonds.

Looking ahead, while growth in many developed countries—including those in the eurozone and Japan—are facing stiff challenges, the U.S. economy appears to be on relatively solid footing. Against this backdrop, the U.S. Federal Reserve concluded its third round of quantitative easing in October 2014 and all eyes are on when the central bank will begin raising interest rates. In contrast, the European Central Bank and Bank of Japan are expected to remain highly accommodative. Elsewhere, growth in China has moderated, which could impact growth in many developing countries. While the markets could remain volatile in the coming year, we believe this could lead to attractive opportunities for long-term investors.

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

Sincerely,

ROBERT CONTI
PRESIDENT AND CEO
NEUBERGER BERMAN MUTUAL FUNDS

Absolute Return Multi-Manager Fund Commentary (Unaudited)

Neuberger Berman Absolute Return Multi-Manager Fund Institutional Class generated a 1.96% total return for the 12 months ended October 31, 2014. During the period, the Fund underperformed its primary benchmark, the HFRX Absolute Return Index, which posted a 2.19% return. (Performance for all share classes is provided in the table following this letter.)

Despite periods of heightened volatility, the global financial markets largely generated positive results during the reporting period. Investor sentiment was challenged at times given concerns over global growth, uncertainties regarding future monetary policy and a host of geopolitical issues. Regardless of these headwinds, U.S. equities rallied sharply during the reporting period, whereas international developed equities were largely flat and emerging market equities posted a modest gain. Within the fixed income market, most non-Treasury securities produced positive returns and outperformed equal-duration Treasuries.

All of the portfolio's strategies generated positive absolute returns for the period. Long/short equity was the largest positive contributor, as gains from long positions offset losses from short positions. But short positions were profitable for several months in 2014 due to decreasing correlations between stocks. As a result, the general tilt toward being long mid- and small-cap equities versus short large-cap equities was a detractor from performance.

Event-driven strategies were the next most material positive contributors for the period. Gains for the strategy were driven by positive developments for several ongoing situations in the cable TV, pharmaceutical and food industries. The strategy did, however, face several headwinds. For example, the broad selloff in growth sectors in March and April led to losses for many event-driven managers that had exposure to growth sectors where there was a large amount of corporate activity. Additionally, the negative press about tax inversion mergers beginning in July and culminating in the Shire/AbbVie agreement being terminated in October led to a broad selloff in event-driven trades.

The Fund's credit strategies also generated positive performance. Although the corporate credit long/short allocation was positioned to benefit from rising interest rates during the period when rates actually declined, our subadvisers generated modest gains as they profited from company-specific developments and broad spread tightening (the difference in interest rates between Treasury securities and non-Treasury securities that have a different quality rating). The asset-backed securities allocation was a positive contributor, with gains spread across sectors and led by commercial mortgage-backed securities.

Looking ahead, we believe the dynamics for equity long/short strategies have continued to improve, with decreasing correlations between stocks and the approach of rising interest rates, which could help expose companies that have been able to offset poor operating numbers with cheap financing over the past several years. We continue to see what we believe are the underlying dynamics for a healthy opportunity set for event-driven managers, namely, a continued low growth environment, large amounts of cash on corporate balance sheets and the potential onset of rising interest rates. We are, therefore, positive on the strategy heading into 2015. After reaching one year lows in mid-October 2014, due to the recent flight to quality, Treasury yields have since begun to rise. We anticipate this trend will continue now that quantitative easing has ended and economic data have recently been better than expected. While our credit long/short subadvisers' positioning to benefit from a rising interest rate environment has been a headwind thus far in 2014, we anticipate it to be a tailwind heading into 2015.

Sincerely,

DAVID KUPPERMAN, JEFF MAJIT, FRED INGHAM, IAN HAAS AND ERIC WEINSTEIN
PORTFOLIO CO-MANAGERS

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

The portfolio composition, industries and holdings of the Fund are subject to change.

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

Absolute Return Multi-Manager Fund (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		2.6	%		—	%
Bank Loan Obligations		10.3			—
Common Stocks		58.8			(11.0	)
Corporate Debt Securities		4.0			(0.4	)
Exchange Traded Funds		0.7			(10.8	)
Mortgage-Backed Securities		4.8			—
Municipal Notes		1.0			—
Preferred Stocks		0.4			—
Purchased Options		0.4			—
Rights		0.0			—
Warrants		0.0			—
Short-Term Investments		17.7			—
Cash, receivables and other assets, less liabilities		21.5			—
Total		122.2	%		(22.2	)%

PERFORMANCE HIGHLIGHTS³

	Inception	Average Annual Total Return Ended 10/31/2014
	Date	1 Year			Life of Fund
At NAV
Institutional Class	05/15/2012		1.96	%		4.45	%
Class A	05/15/2012		1.60	%		4.07	%
Class C	05/15/2012		0.77	%		3.29	%
Class R6⁴	12/31/2013		2.05	%		4.49	%
With Sales Charge
Class A			–4.25	%		1.60	%
Class C			–0.23	%		3.29	%
Index
HFRX Absolute Return Index^1,2			2.19	%		2.36	%
S&P 500^® Index^1,2			17.27	%		20.67	%
Barclays U.S. Aggregate Bond Index^1,2			4.14	%		2.14	%

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

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

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

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

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2013 (estimated for 2014 for Class R6) were 2.89%, 3.29%, 4.03% and 2.71% for Institutional Class, Class A, Class C and Class R6 shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios were 2.30%, 2.65%, 3.41% and 2.23% 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 2014 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.

Absolute Return Multi-Manager Fund (Unaudited)

COMPARISON OF A $1,000,000 INVESTMENT

(000's omitted)

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

Long Short Multi-Manager Fund Commentary (Unaudited)

Neuberger Berman Long Short Multi-Manager Fund Institutional Class generated a 3.90% total return from its inception on December 19, 2013 through October 31, 2014. During this same time period, its benchmarks, the HFRX Equity Hedge Index and the S&P 500^® Index returned 2.41% and 13.38%, respectively. (Performance for all share classes is provided in the table immediately following this letter.)

During the period, gains from our subadvisers' long positions outweighed losses from their short positions. From a sector perspective, most areas of the portfolio were profitable. In particular, Health Care, Information Technology (IT) and Consumer Discretionary were the largest contributing sectors to performance. The only notable sector detractor was Financials.

Within Health Care, the portfolio experienced several sources of gains. The largest of these gains came from a long position in a provider of development solutions and delivery technologies for drugs, biologics and consumer health products. The Fund participated in the company's initial public offering (IPO) in late July and its shares rallied after reporting solid results for its first quarter as a public company. In the IT sector, a long position in a company that develops software and hardware for the security, surveillance and business intelligence markets was materially additive to performance. The growth in big data has been a tailwind for the company and its earnings have accelerated as a result of its new focus on security software for government agencies and corporations. Within Consumer Discretionary, a long position in a major fast food company was beneficial to returns as it made a surprise announcement to take over another firm. The subadviser who held the position captured the gain and exited the position. The Fund also benefitted from a short position in a media and entertainment company that is facing higher programming costs and getting squeezed on retransmission fees. Within Financials, the Fund had modest losses from both long and short positions. The top detractor on the short side was an asset manager whose shares rallied sharply on the announcement that a chief investment officer from a competitor would be joining the company. On the long side, the Fund lost money in the preferred securities of a government-sponsored enterprise as a result of adverse litigation.

During the reporting period, the subadvisers' aggregate use of forwards, options and swap contracts contributed to the Fund's performance.

The dynamics for equity long/short strategies have continued to improve with decreasing correlations between stocks and the potential approach of rising interest rates, which we believe should help expose companies that have been able to offset poor operating numbers with cheap financing over the past several years. We therefore maintain our positive view on the strategy.

Sincerely,

DAVID KUPPERMAN, JEFF MAJIT, IAN HAAS, FRED INGHAM AND ERIC WEINSTEIN
PORTFOLIO CO-MANAGERS

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

The portfolio composition, industries and holdings of the Fund are subject to change.

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

Long Short Multi-Manager Fund (Unaudited)

TICKER SYMBOLS

Institutional Class				NLMIX
Class A				NLMAX
Class C				NLMCX

PORTFOLIO BY TYPE OF SECURITY

(as a % of Total Net Assets)

	Long			Short
Common Stocks		68.3	%		(22.4	)%
Exchange Traded Funds		1.7			(6.8	)
Preferred Stocks		0.9			—
Short-Term Investments		27.8			—
Cash, receivables and other assets, less liabilities		30.5			—
Total		129.2	%		(29.2	)%

PERFORMANCE HIGHLIGHTS

	Inception Date	Cumulative Total Return Ended 10/31/2014 Life of Fund
At NAV
Institutional Class	12/19/2013		3.90	%
Class A	12/19/2013		3.60	%
Class C	12/19/2013		2.90	%
With Sales Charge
Class A			–2.36	%
Class C			1.90	%
Index
HFRX Equity Hedge Index^1,2			2.41	%
S&P 500^® Index^1,2			13.38	%

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

As stated in the Fund's most recent prospectus, the estimated total annual operating expense ratios for fiscal year 2014 were 3.26%, 3.62% and 4.37% for Institutional Class, Class A and Class C shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios were 2.51%, 2.87% and 3.62% for Institutional Class, Class A and Class C shares, respectively, after expense reimbursements and/or fee waivers. The expense ratios for fiscal year 2014 can be found in the Financial Highlights section of this report.

Long Short Multi-Manager Fund (Unaudited)

COMPARISON OF A $1,000,000 INVESTMENT

(000's omitted)

Endnotes

1 Please see "Glossary of Indices" on page 9 for a description of indices. Please note that individuals cannot invest directly in any index. The S&P 500^® and the Barclays U.S. Aggregate Bond indices do not take into account any fees, expenses or tax consequences of investing in the individual securities that they track. The HFRX Absolute Return and HFRX Equity Hedge indices do take into account fees and expenses of investing since they are based on the underlying hedge funds' net returns. Data about the performance of an index are prepared or obtained by Neuberger Berman Management LLC ("Management") and reflect the reinvestment of income dividends and other distributions, if any. The Fund may invest in securities not included in a described index and generally does not invest in all securities included in a described index.

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

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

4 The performance information for Class R6 prior to the class' inception date is that of the Institutional Class of Neuberger Berman Absolute Return Multi-Manager Fund. The Institutional Class has higher expenses and typically lower returns than Class R6.

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

Glossary of Indices

HFRX Absolute Return Index:				The index is designed to be representative of the overall composition of the hedge fund universe. The index comprises all eligible hedge fund strategies including, but not limited to, convertible arbitrage, distressed securities, equity hedge, equity market neutral, event driven, macro, merger arbitrage, and relative value arbitrage. The index employs a constituent weighting methodology that selects constituent funds which characteristically exhibit lower volatilities and lower correlations to standard directional benchmarks of equity market and hedge fund industry performance. Constituent funds are selected from an eligible pool of the more than 7,500 funds worldwide that report to the Hedge Fund Research (HFR) Database. Constituent funds must meet all of the following criteria: report monthly; report performance net of all fees; be U.S. dollar-denominated; be active and accepting new investments; have a minimum 24 months track record; and the fund's manager must have at least $50 million in assets under management. The index is rebalanced quarterly.
HFRX Equity Hedge Index:				The index comprises equity hedge strategies. Equity hedge strategies maintain positions both long and short in primarily equity and equity derivative securities. A wide variety of investment processes can be employed to arrive at an investment decision, including both quantitative and fundamental techniques; strategies can be broadly diversified or narrowly focused on specific sectors and can range broadly in terms of levels of net exposure, leverage employed, holding period, concentrations of market capitalizations and valuation ranges of typical portfolios. Equity hedge managers would typically maintain at least 50%, and may in some cases be substantially entirely invested, in equities, both long and short. Constituent funds are selected from an eligible pool of the more than 7,500 funds worldwide that report to the Hedge Fund Research (HFR) Database. Constituent funds must meet all of the following criteria: report monthly; report performance net of all fees; be U.S. dollar-denominated; be active and accepting new investments; have a minimum 24 months track record; and the fund's manager must have at least $50 million in assets under management. The index is rebalanced quarterly.
S&P 500^® Index:				The index is a float-adjusted market capitalization-weighted index that focuses on the large-cap segment of the U.S. equity market, and includes a significant portion of the total value of the market.
Barclays U.S. Aggregate Bond Index:				The index measures the investment grade, U.S. dollar-denominated, fixed-rate, taxable bond market and includes Treasuries, government-related and corporate securities, mortgage-backed securities (MBS) (agency fixed-rate and hybrid adjustable rate mortgage (ARM) pass-throughs), asset-backed securities (ABS), and commercial mortgage-backed securities (CMBS) (agency and non-agency).

Information About Your Fund's Expenses (Unaudited)

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

This table is designed to provide information regarding costs related to your investments. The following examples are based on an investment of $1,000 made at the beginning of the six month period ended October 31, 2014 and held for the entire period. The table illustrates each Fund's costs in two ways:

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

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

Expense Information as of 10/31/14 (Unaudited)

Neuberger Berman Alternative Funds
	ACTUAL									HYPOTHETICAL (5% ANNUAL RETURN BEFORE EXPENSES)⁽²⁾
	Beginning Account Value 5/1/14		Ending Account Value 10/31/14		Expenses Paid During the Period⁽¹⁾5/1/14 - 10/31/14		Expense Ratio			Beginning Account Value 5/1/14		Ending Account Value 10/31/14		Expenses Paid During the Period⁽¹⁾5/1/14 - 10/31/14		Expense Ratio
Absolute Return Multi-Manager Fund
Institutional Class	$	1,000.00	$	997.30	$	13.04		2.59	%	$	1,000.00	$	1,012.15	$	13.14		2.59	%
Class A	$	1,000.00	$	995.40	$	14.89		2.96	%	$	1,000.00	$	1,010.28	$	15.00		2.96	%
Class C	$	1,000.00	$	991.70	$	18.57		3.70	%	$	1,000.00	$	1,006.55	$	18.71		3.70	%
Class R6	$	1,000.00	$	997.30	$	12.49		2.48	%	$	1,000.00	$	1,012.70	$	12.58		2.48	%
Long Short Multi-Manager Fund
Institutional Class	$	1,000.00	$	1,015.60	$	13.56		2.67	%	$	1,000.00	$	1,011.75	$	13.54		2.67	%
Class A	$	1,000.00	$	1,013.70	$	15.28		3.01	%	$	1,000.00	$	1,010.03	$	15.25		3.01	%
Class C	$	1,000.00	$	1,009.80	$	19.15		3.78	%	$	1,000.00	$	1,006.15	$	19.11		3.78	%

(1) For each class, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown).

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

Schedule of Investments Neuberger Berman Absolute Return Multi-Manager Fund

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

		Country	Industry
1	DIRECTV	United States	Media	2.7	%
2	TRW Automotive Holdings Corp.	United States	Auto Components	2.0	%
3	Allergan, Inc.	United States	Pharmaceuticals	1.9	%
4	Time Warner Cable, Inc.	United States	Media	1.2	%
5	Rockwood Holdings, Inc.	United States	Chemicals	1.0	%
6	CareFusion Corp.	United States	Health Care Equipment & Supplies	0.9	%
7	Ashland, Inc.	United States	Chemicals	0.7	%
8	Verint Systems, Inc.	United States	Software	0.7	%
9	Nomad Holdings Ltd.	United States	Diversified Financial Services	0.7	%
10	CBS Corp. Class B	United States	Media	0.7	%

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

		Country	Industry
1	Level 3 Communications, Inc.	United States	Diversified Telecommunication Services	(0.5	)%
2	Lennar Corp. Class A	United States	Household Durables	(0.4	)%
3	Comcast Corp. Class A	United States	Media	(0.3	)%
4	Chico's FAS, Inc.	United States	Specialty Retail	(0.3	)%
5	Deere & Co.	United States	Machinery	(0.2	)%
6	Telecom Italia SpA	Italy	Diversified Telecommunication Services	(0.2	)%
7	Praxair, Inc.	United States	Chemicals	(0.2	)%
8	The Dow Chemical Co.	United States	Chemicals	(0.2	)%
9	AT&T, Inc.	United States	Diversifed Telecommunications Services	(0.2	)%
10	Kinder Morgan, Inc.	United States	Oil, Gas & Consumable Fuels	(0.2	)%

	Number of Shares		Value†
Long Positions (100.7%)
Common Stocks (58.8%)
Aerospace & Defense (0.7%)
B/E Aerospace, Inc.		69,696	$	5,188,867	*^£Ø
Exelis, Inc.		294,030		5,248,436	^Ø
MacDonald Dettwiler & Associates Ltd.		15,680		1,195,634	^Ø
				11,632,937
Airlines (0.1%)
American Airlines Group, Inc.		12,700		525,145	^±Ø
AMR Corp.		14,383		35,814	*^fNØ
JetBlue Airways Corp.		24,856		286,838	*^£Ø
Republic Airways Holdings, Inc.		8,295		103,853	*
				951,650
Auto Components (2.8%)
Continental AG		3,283		644,472	^Ø
Cooper Tire & Rubber Co.		102,800		3,311,188	^Ø
TRW Automotive Holdings Corp.		319,211		32,352,035	*^Ø

	Number of Shares		Value†
Visteon Corp.		110,481	$	10,374,166	*^£Ø
				46,681,861
Automobiles (0.4%)
Fiat Chrysler Automobiles NV		299,053		3,427,147	*^Ø
General Motors Co.		10,200		320,280	^±
Honda Motor Co. Ltd.		56,200		1,740,661	^Ø
Kia Motors Corp.		16,705		814,360	^Ø
Motors Liquidation Co. GUC Trust		34,607		799,422	*^Ø
				7,101,870
Banks (2.8%)
1st United Bancorp, Inc.		175,332		1,551,688	^Ø
Aozora Bank Ltd.		308,291		1,073,152	^Ø
Bank of America Corp.		301,525		5,174,169	^Ø
BOC Hong Kong Holdings Ltd.		375,000		1,247,558	^Ø
Cascade Bancorp		52,519		268,372	*^£

	Number of Shares		Value†
China Construction Bank Corp. Class H		1,480,000	$	1,103,060	^Ø
Chongqing Rural Commercial Bank Class H		2,198,000		1,057,174	^Ø
CIT Group, Inc.		27,018		1,321,991	^Ø
City National Corp.		54,150		4,262,146	^Ø
Dah Sing Banking Group Ltd.		168,795		306,459	^Ø
Dah Sing Financial Holdings Ltd.		55,323		344,558	^Ø
Erste Group Bank AG		66,962		1,704,282	^Ø
Intervest Bancshares Corp.		62,789		612,193	^Ø
Mitsubishi UFJ Financial Group, Inc.		402,100		2,263,144	^Ø
Mizuho Financial Group, Inc.		2,321,100		4,132,829	^Ø
OmniAmerican Bancorp, Inc.		139,868		3,782,031	^Ø

See Notes to Schedule of Investments

	Number of Shares		Value†
Piraeus Bank SA		894,349	$	1,300,074	*^Ø
Regions Financial Corp.		638,600		6,341,298	^Ø
Sberbank of Russia ADR		145,187		1,101,969
Sumitomo Mitsui Financial Group, Inc.		51,700		2,024,965	^Ø
Sumitomo Mitsui Trust Holdings, Inc.		501,000		1,980,360	^Ø
The Bank of Kentucky Financial Corp.		50,784		2,382,277	^Ø
				45,335,749
Beverages (0.8%)
AMBEV SA		533,700		3,532,297	^Ø
Cott Corp.		678,587		4,119,023	^£
PepsiCo, Inc.		51,986		4,999,494	^Ø
				12,650,814
Biotechnology (0.2%)
Ambit Biosciences Corp.		70,000		1,093,400	*^Ø
ARIAD Pharmaceuticals, Inc.		16,600		98,936	*^£
Chelsea Therapeutics International Ltd.		3,500		385	*^fNØ
Durata Therapeutics, Inc.		36,904		886,803	*^Ø
QLT, Inc.		176,117		700,946	*^£Ø
Trius Therapeutics Inc.		24,000		3,120	*^fNØ
United Therapeutics Corp.		8,204		1,074,478	*^Ø
				3,858,068
Building Products (0.1%)
LIXIL Group Corp.		40,600		867,483	^Ø
Sanitec Corp.		4,000		51,326	*
				918,809

	Number of Shares		Value†
Capital Markets (0.5%)
BGC Partners, Inc. Class A		7,374	$	62,531	^£
DAB Bank AG		42,677		255,638	^Ø
GFI Group, Inc.		19,175		105,462
Jafco Co. Ltd.		46,800		1,760,338	^Ø
Nomura Holdings, Inc.		325,600		1,956,354	^Ø
NorthStar Asset Management Group, Inc.		65,440		1,185,773	*^£
RCS Capital Corp. Class A		138,739		2,276,707	^Ø
SWS Group, Inc.		31,484		232,667	*^£
				7,835,470
Chemicals (3.9%)
Air Products & Chemicals, Inc.		72,500		9,762,850	^Ø
Asahi Kasei Corp.		93,000		746,732	^Ø
Ashland, Inc.		110,640		11,956,865	^£Ø
Auriga Industries A/S Class B		10,000		516,037	*^Ø
FMC Corp.		73,538		4,217,404	^Ø
Huntsman Corp.		69,000		1,683,600	^Ø
Monsanto Co.		14,490		1,666,929	^Ø
Nissan Chemical Industries Ltd.		91,900		1,663,322	^Ø
Nitto Denko Corp.		28,400		1,505,143	^Ø
Penford Corp.		300		5,655	*
Rockwood Holdings, Inc.		208,968		16,071,729	^Ø
Shin-Etsu Chemical Co. Ltd.		31,500		1,975,393	^Ø
Sigma-Aldrich Corp.		44,082		5,991,185	^Ø
Taminco Corp.		26,638		689,658	*^Ø
Tronox Ltd. Class A		35,522		858,922	^Ø

	Number of Shares		Value†
Ube Industries Ltd.		453,000	$	685,600	^Ø
WR Grace & Co.		49,258		4,659,807	*^Ø
				64,656,831
Commercial Services & Supplies (0.3%)
RR Donnelley & Sons Co.		8,900		155,305	^±Ø
The Brink's Co.		14,573		306,033	^±£
Tyco International Ltd.		91,975		3,948,487	^Ø
				4,409,825
Communications Equipment (0.2%)
Juniper Networks, Inc.		31,800		670,026
Motorola Solutions, Inc.		32,500		2,096,250
Nokia OYJ ADR		44,260		366,030	^Ø
ParkerVision, Inc.		110,421		144,651	*^Ø
Riverbed Technology, Inc.		29,794		565,788	*^Ø
ShoreTel, Inc.		13,729		111,068	*^£
				3,953,813
Construction & Engineering (0.3%)
Balfour Beatty PLC		500		1,229
Foster Wheeler AG		46,265		1,435,603	^Ø
Pike Corp.		130,500		1,558,170	*^Ø
Taisei Corp.		313,000		1,713,733	^Ø
				4,708,735
Consumer Finance (0.1%)
Ally Financial, Inc.		27,931		634,034	*^±£
Carfinco Financial Group, Inc.		71,153		700,134	^Ø
				1,334,168
Containers & Packaging (0.4%)
Nampak Ltd.		441,793		1,801,259	^Ø
Orora Ltd.		2,343,712		3,578,379	^Ø
Pact Group Holdings Ltd.		346,768		1,165,695	^Ø
				6,545,333

See Notes to Schedule of Investments

	Number of Shares		Value†
Diversified Consumer Services (0.5%)
Cengage Learning Holdings II LP		1,481	$	41,468	*^Ø
Regis Corp.		202,600		3,440,148	^Ø
Sotheby's		96,754		3,837,264	^Ø
				7,318,880
Diversified Financial Services (0.9%)
Capmark Financial Group, Inc.		26,469		132,345	^£
EME Reorganization Trust		7,488,000		973,440	^Ø
Nomad Holdings Ltd.		1,025,652		11,820,639	*^Ø
ORIX Corp.		159,600		2,143,393	^Ø
Rescap Liquidating Trust		17,071		271,429	*^Ø
				15,341,246
Diversified Telecommunication Services (1.6%)
BCE, Inc.		15,437		685,526
Consolidated Communications Holdings, Inc.		25,385		657,476	^£
Fairpoint Communications, Inc.		49,501		821,717	*^Ø
Globalstar, Inc.		708,435		1,678,991	*^±Ø
Intelsat SA		45,903		893,272	*^Ø
Jazztel PLC		119,098		1,901,415	*^Ø
Koninklijke KPN NV		35,000		114,782	^Ø
Telecom Italia SpA		3,684,395		3,291,992	^Ø
tw telecom, inc.		244,570		10,462,705	*^Ø
Vivendi SA		156,133		3,810,441	*^Ø
Ziggo NV		26,335		1,286,571	*^Ø
				25,604,888
Electric Utilities (0.2%)
Cleco Corp.		52,889		2,843,313	^Ø
Pepco Holdings, Inc.		40,000		1,093,600	^Ø
				3,936,913
Electrical Equipment (0.2%)
Nidec Corp.		22,300		1,433,791	^Ø
Vacon OYJ		26,000		1,100,943	^Ø
				2,534,734

	Number of Shares		Value†
Electronic Equipment, Instruments & Components (0.2%)
Hitachi Ltd.		97,000	$	741,889	^Ø
Keyence Corp.		2,100		981,153	^Ø
Nichicon Corp.		73,503		484,894	^Ø
RealD, Inc.		59,707		675,883	*^±£
Viasystems Group, Inc.		4,682		74,304	*
				2,958,123
Energy Equipment & Services (0.9%)
Calfrac Well Services Ltd.		88,600		1,061,266	^Ø
Dresser-Rand Group, Inc.		123,114		10,058,414	*^±Ø
Noble Corp. PLC		101,993		2,133,694	^Ø
Paragon Offshore PLC		282,519		1,375,867	*^Ø
				14,629,241
Food & Staples Retailing (0.7%)
Rite Aid Corp.		81,169		426,137	*
Safeway, Inc.		85,041		2,964,529	^Ø
Sysco Corp.		65,400		2,520,516	^Ø
Walgreen Co.		91,475		5,874,525	^Ø
				11,785,707
Food Products (0.6%)
Boulder Brands, Inc.		9,777		86,820	*^±
Cermaq ASA		79,200		1,124,308	^Ø
Chiquita Brands International, Inc.		139,979		2,019,897	*^Ø
GrainCorp. Ltd. Class A		18,000		138,758	^Ø
Kellogg Co.		35,210		2,252,032	^Ø
Maple Leaf Foods, Inc.		29,036		502,375	^Ø
Mead Johnson Nutrition Co.		8,415		835,694	^±Ø
Nutreco NV		2,000		100,139
Oceana Group Ltd.		115,067		790,777	^Ø
Unilever NV CVA		46,783		1,814,185	^Ø
Warrnamboo Cheese & Butter Factory Co. Holding Ltd.		10,000		70,928	*^Ø
				9,735,913
Health Care Equipment & Supplies (1.9%)
Alere, Inc.		98,620		3,941,841	*^Ø

	Number of Shares		Value†
ArthroCare Corp.		46,000	$	16,100	*^fN
Baxter International, Inc.		7,132		500,239	^£
CareFusion Corp.		271,208		15,559,203	*^Ø
Covidien PLC		46,225		4,273,039	^±Ø
Nobel Biocare Holding AG		100,000		1,766,876	*^Ø
Smith & Nephew PLC ADR		62,056		2,113,007	^±£Ø
Symmetry Medical, Inc.		38,288		379,051	*^£
The Cooper Cos., Inc.		15,300		2,507,670	^£Ø
Tornier NV		25		699	*^£
Wright Medical Group, Inc.		21,148		668,700	*^£Ø
				31,726,425
Health Care Providers & Services (1.1%)
Accretive Health, Inc.		522,873		3,764,686	*^£Ø
Brookdale Senior Living, Inc.		108,702		3,664,344	*^£Ø
Extendicare, Inc.		346,257		2,506,949	^Ø
Fresenius SE & Co. KGaA		36,030		1,853,448	^Ø
Gentiva Health Services, Inc.		141,025		2,778,193	*^£Ø
Kindred Healthcare, Inc.		68,979		1,500,293	^£
Mediclinic International Ltd.		208,891		1,865,479	^Ø
				17,933,392
Hotels, Restaurants & Leisure (2.9%)
Accor SA		149,084		6,260,493	^Ø
Bally Technologies, Inc.		57,746		4,642,778	*^Ø
Belmond Ltd. Class A		3,000		34,380	*^Ø
Bob Evans Farms, Inc.		165,323		8,076,029	^£Ø
Einstein Noah Restaurant Group, Inc.		94,453		1,912,673	^Ø
GTECH SpA		23,242		540,864	^Ø

See Notes to Schedule of Investments

	Number of Shares		Value†
International Game Technology		227,112	$	3,722,366	^±£Ø
Isle of Capri Casinos, Inc.		199,741		1,484,076	*^Ø
McDonald's Corp.		13,151		1,232,643	^Ø
Morgans Hotel Group Co.		116,316		929,365	*^£
Multimedia Games Holding Co., Inc.		40,839		1,425,281	*^Ø
Starbucks Coffee Japan Ltd.		55,000		714,890	^Ø
Tim Hortons, Inc.		196,624		15,930,830	^Ø
Vail Resorts, Inc.		2,781		240,167	^£
				47,146,835
Household Durables (0.6%)
Blyth, Inc.		4,000		33,560	^Ø
Brookfield Residential Properties, Inc.		4,015		93,349	*
Indesit Co. SpA		50,000		687,353	*^Ø
Lennar Corp. Class B		160,345		5,629,713	^Ø
Rinnai Corp.		22,600		1,973,790	^Ø
Sony Corp.		101,030		1,863,647	^Ø
				10,281,412
Independent Power & Renewable Electricity Producers (0.0%)
Primary Energy Recycling Corp.		29,606		153,063	*
Industrial Conglomerates (0.2%)
Alliance Global Group, Inc.		3,984,500		2,246,415	^Ø
Toshiba Corp.		408,000		1,756,588	^Ø
				4,003,003
Insurance (2.1%)
Ambac Financial Group, Inc.		28,958		662,559	*^Ø
Aspen Insurance Holdings Ltd.		1,600		69,808	^Ø
Assured Guaranty Ltd.		282,233		6,513,938	^Ø

	Number of Shares		Value†
FNFV Group		37,066	$	498,167	*^£
Hartford Financial Services Group, Inc.		263,661		10,435,702	^Ø
Insurance Australia Group Ltd.		316,970		1,818,647	^Ø
Meadowbrook Insurance Group, Inc.		137,992		879,009	^Ø
National Interstate Corp.		176,689		5,025,035	^NØ
Protective Life Corp.		119,118		8,300,142	^Ø
Schweizerische National- Versicherungs- Gesellschaft AG		500		41,600	^Ø
Syncora Holdings Ltd.		22,879		45,758	*^Ø
				34,290,365
Internet & Catalog Retail (0.2%)
Groupon, Inc.		54,976		401,875	*^±
Overstock.com, Inc.		6,292		145,471	*
Shutterfly, Inc.		82,785		3,462,896	*^±£
				4,010,242
Internet Software & Services (1.8%)
AOL, Inc.		83,650		3,641,285	*^Ø
Conversant, Inc.		101,389		3,573,962	*^±£Ø
Digital River, Inc.		13,000		332,410	*
eBay, Inc.		104,765		5,500,162	*^±£Ø
Equinix, Inc.		14,350		2,997,715	^Ø
Google, Inc. Class A		11,340		6,439,646	*^Ø
Move, Inc.		253,497		5,310,762	*^Ø
Rackspace Hosting, Inc.		3,214		123,289	*^Ø
Travelport LLC		90,896		1,251,638	*^fNØ
Zillow, Inc. Class A		4,689		509,835	*^Ø
				29,680,704
IT Services (0.0%)
Blackhawk Network Holdings, Inc. Class B		5,000		167,000	*
Bull		500		3,070	*
				170,070

	Number of Shares		Value†
Leisure Products (0.2%)
Hasbro, Inc.		57,800	$	3,325,234	^Ø
Smith & Wesson Holding Corp.		18,610		189,078	*
				3,514,312
Life Sciences Tools & Services (0.1%)
Affymetrix, Inc.		147,392		1,328,002	*^£
Machinery (0.7%)
Amada Co. Ltd.		176,100		1,494,087	^Ø
Crane Co.		73,648		4,591,953	^Ø
Komatsu Ltd.		40,600		943,207	^Ø
Makita Corp.		29,300		1,614,663	^Ø
Parker Hannifin Corp.		20,800		2,642,224	^Ø
Xerium Technologies, Inc.		33,956		506,623	*^Ø
				11,792,757
Marine (0.0%)
Nippon Yusen KK		262,000		667,100	^Ø
Media (8.0%)
AMC Networks, Inc. Class A		11,100		673,215	*^±Ø
Cablevision Systems Corp. Class A		28,532		531,266	^Ø
CBS Corp. Class B		208,425		11,300,803	^Ø
Cineplex, Inc.		33,800		1,273,367	^Ø
DIRECTV		519,629		45,098,601	*^Ø
DISH Network Corp. Class A		149,448		9,512,365	*^±£Ø
Gannett Co., Inc.		139,548		4,395,762	^Ø
Gray Television, Inc.		207,667		1,918,843	*^Ø
Journal Communications, Inc. Class A		131,800		1,292,958	*^£Ø
Lamar Advertising Co. Class A		153,089		7,907,047	^Ø
Liberty Global PLC Class A		224		10,185	*^Ø

See Notes to Schedule of Investments

	Number of Shares		Value†
Liberty Global PLC Series C		114,691	$	5,100,309	*^Ø
Liberty Media Corp. Class A		4,125		198,082	*^Ø
Liberty Media Corp. Class C		4,203		201,450	*^Ø
LIN Media LLC Class A		111,332		2,664,175	*^Ø
Loral Space & Communications, Inc.		64,039		4,898,983	*^Ø
Mediaset SpA		239,709		800,242	*^Ø
Nexstar Broadcasting Group, Inc. Class A		9,386		423,496	^Ø
PubliGroupe AG		500		108,871	^Ø
Sinclair Broadcast Group, Inc. Class A		13,293		386,162	^Ø
Sirius XM Holdings, Inc.		410,974		1,409,641	*^Ø
Sky Deutschland AG		201,547		1,700,568	*^Ø
Starz Class A		22,200		685,980	*^£
Time Warner Cable, Inc.		135,352		19,925,168	^Ø
Time Warner, Inc.		54,450		4,327,141	^Ø
Tribune Co. Class 1C Litigation		300,000		750	*^Ø
Tribune Media Co. Class A		72,862		4,881,754	*^Ø
				131,627,184
Metals & Mining (0.9%)
B2Gold Corp.		331		551	*
Barrick Gold Corp.		21,790		258,647	^£Ø
Gold Fields Ltd. ADR		639,614		2,040,369	^Ø
Newmont Mining Corp.		24,417		458,063	^Ø
Nippon Steel & Sumitomo Metal Corp.		376,000		970,754	^Ø

	Number of Shares		Value†
Nyrstar NV		43,387	$	146,256	*^Ø
SunCoke Energy, Inc.		421,850		10,082,215	*^Ø
				13,956,855
Multiline Retail (1.3%)
Dollar General Corp.		43,240		2,709,851	*^Ø
Dollar Tree, Inc.		74,850		4,533,664	*^Ø
Family Dollar Stores, Inc.		139,818		10,946,351	^Ø
Macy's, Inc.		43,800		2,532,516	^Ø
Takashimaya Co. Ltd.		130,000		1,082,128	^Ø
				21,804,510
Multi-Utilities (0.1%)
Integrys Energy Group, Inc.		16,200		1,177,416	^Ø
Oil, Gas & Consumable Fuels (2.4%)
Alvopetro Energy Ltd.		50,000		21,295	*
Anadarko Petroleum Corp.		67,459		6,191,387	^£Ø
Apco Oil and Gas International, Inc.		22,240		318,699	*^£
Athlon Energy, Inc.		59,857		3,489,663	*^Ø
BP PLC ADR		5,830		253,372
Cameco Corp.		187,220		3,253,884	^Ø
Cheniere Energy, Inc.		65,607		4,920,525	*^£
CONSOL Energy, Inc.		85,528		3,147,430	^Ø
Eni SpA		97,655		2,080,398	^Ø
Hess Corp.		49,046		4,159,591	^£Ø
JX Holdings, Inc.		109,200		461,979	^Ø
Kinder Morgan Management LLC		26,891		2,558,413
Kodiak Oil & Gas Corp.		118,905		1,282,985	*^Ø
Occidental Petroleum Corp.		65,962		5,866,001	^£Ø
Talisman Energy, Inc.		170,376		1,086,999	^Ø
				39,092,621
Paper & Forest Products (0.0%)
Ainsworth Lumber Co. Ltd.		110,000		253,760	*^Ø

	Number of Shares		Value†
Pharmaceuticals (4.5%)
AbbVie, Inc.		21,600	$	1,370,736	^Ø
Actavis PLC		46,107		11,192,013	*^£Ø
Allergan, Inc.		165,870		31,525,252	^±Ø
AstraZeneca PLC ADR		6,800		495,992	^±Ø
Auxilium Pharmaceuticals, Inc.		15,927		512,372	*
Bayer AG		17,130		2,435,370	^Ø
Catalent, Inc.		98,500		2,563,955	*^Ø
Endo International PLC		5,691		380,841	*
Furiex Pharmaceuticals, Inc.		1,500		14,655	*^fNØ
Johnson & Johnson		33,350		3,594,463	^Ø
Omthera Pharmaceuticals, Inc.		100		—	*^fN
Pfizer, Inc.		138,704		4,154,185	^±Ø
Revance Therapeutics, Inc.		31,043		625,827	*^£
Salix Pharmaceuticals Ltd.		10,850		1,560,772	*^±Ø
Shire PLC ADR		43,374		8,666,125	^£Ø
Teva Pharmaceutical Industries Ltd. ADR		44,400		2,507,269	^Ø
Theravance, Inc.		105,983		1,697,848	^Ø
Zoetis, Inc.		39,336		1,461,726	^Ø
				74,759,401
Real Estate Investment Trusts (2.5%)
American Realty Capital Healthcare Trust, Inc.		382,278		4,319,741	^Ø
American Realty Capital Properties, Inc.		314,455		2,789,216	^£Ø
Aviv REIT, Inc.		12,791		431,440
Gaming and Leisure Properties, Inc.		97,406		3,043,937	^Ø
Glimcher Realty Trust		170,369		2,339,166	^Ø
HealthLease Properties Real Estate Investment Trust		3,000		37,585	^Ø

See Notes to Schedule of Investments

	Number of Shares		Value†
Iron Mountain, Inc.		109,714	$	3,957,384	^Ø
Japan Retail Fund Investment Corp.		855		1,702,769	^Ø
New Senior Investment Group, Inc.		39,037		745,607	*^Ø
Newcastle Investment Corp.		484,158		11,319,343	*^Ø
NorthStar Realty Finance Corp.		550,363		10,225,745	^£Ø
				40,911,933
Real Estate Management & Development (0.5%)
Daiwa House Industry Co. Ltd.		213,900		3,967,600	^Ø
Mitsubishi Estate Co. Ltd.		76,000		1,891,458	^Ø
Tokyo Tatemono Co. Ltd.		183,000		1,539,595	^Ø
Tokyu Fudosan Holdings Corp.		187,700		1,295,059	^Ø
				8,693,712
Road & Rail (0.4%)
Contrans Group, Inc. Class A		25,000		331,174	^Ø
Hertz Global Holdings, Inc.		154,327		3,382,848	*^£Ø
Union Pacific Corp.		28,750		3,347,938	^Ø
				7,061,960
Semiconductors & Semiconductor Equipment (1.1%)
Broadcom Corp. Class A		55,700		2,332,717	^Ø
Cree, Inc.		16,686		525,275	*^Ø
International Rectifier Corp.		88,165		3,506,322	*^Ø
Marvell Technology Group Ltd.		34,930		469,459

	Number of Shares		Value†
Micron Technology, Inc.		109,549	$	3,624,976	*^Ø
Montage Technology Group Ltd.		4,649		102,743	*
NVIDIA Corp.		38,933		760,751	^Ø
NXP Semiconductor NV		17,100		1,174,086	*^Ø
OmniVision Technologies, Inc.		1,000		26,780	*
Peregrine Semiconductor Corp.		85,000		1,056,550	*^Ø
RF Micro Devices, Inc.		61,955		806,035	*^Ø
SCREEN Holdings Co. Ltd.		272,000		1,438,398	^Ø
SunEdison, Inc.		69,055		1,347,263	*^Ø
TriQuint Semiconductor, Inc.		5,630		121,777	*^Ø
				17,293,132
Software (2.6%)
Compuware Corp.		285,756		2,900,423	^±Ø
Comverse, Inc.		61,938		1,350,248	*^Ø
Concur Technologies, Inc.		54,485		6,991,515	*^Ø
Covisint Corp.		57,544		166,303	*
Ebix, Inc.		2,000		29,500	^Ø
Exact Holding NV		3,023		118,781
Nintendo Co. Ltd.		4,700		498,349	^Ø
Nuance Communications, Inc.		273,018		4,212,668	*^Ø
PTC, Inc.		144,550		5,514,583	*^Ø
Shanda Games Ltd. ADR		14,368		92,889	*^Ø
TIBCO Software, Inc.		395,294		9,238,021	*^Ø
Verint Systems, Inc.		207,704		11,940,903	*^£Ø
				43,054,183

	Number of Shares		Value†
Specialty Retail (1.1%)
ANN, Inc.		125,100	$	4,802,589	*^Ø
Dick's Sporting Goods, Inc.		24,000		1,088,880	^Ø
Express, Inc.		11,965		179,116	*^Ø
GNC Holdings, Inc. Class A		50,797		2,111,631	^Ø
New York & Co., Inc.		9,309		30,441	*
Office Depot, Inc.		109,500		571,590	*^Ø
Sanrio Co. Ltd.		29,000		830,047	^Ø
Tiffany & Co.		39,639		3,810,101	^£Ø
United Arrows Ltd.		62,100		2,288,840	^Ø
Vitamin Shoppe, Inc.		44,568		2,091,576	*^£
				17,804,811
Technology Hardware, Storage & Peripherals (0.6%)
Apple, Inc.		24,285		2,622,780	^Ø
BlackBerry Ltd.		42,974		451,227	*^£Ø
EMC Corp.		14,194		407,794
Quantum Corp.		21,144		27,064	*^Ø
Ricoh Co. Ltd.		68,500		700,094	^Ø
Western Digital Corp.		48,336		4,754,812	^Ø
				8,963,771
Textiles, Apparel & Luxury Goods (0.5%)
PVH Corp.		27,875		3,187,506	^Ø
Vera Bradley, Inc.		206,425		4,706,490	*^£
				7,893,996
Thrifts & Mortgage Finance (0.2%)
Dime Community Bancshares, Inc.		17,656		278,082	^£
Federal Home Loan Mortgage Corp.		42,631		87,820	*^£
Federal National Mortgage Association		204,222		441,119	*
Franklin Financial Corp.		21,128		438,617	*^Ø

See Notes to Schedule of Investments

	Number of Shares		Value†
Hudson City Bancorp, Inc.		220,620	$	2,128,983	^Ø
				3,374,621
Tobacco (0.1%)
Lorillard, Inc.		25,202		1,549,923	^Ø
Trading Companies & Distributors (0.0%)
Mitsubishi Corp.		34,000		654,876	^Ø
Transportation Infrastructure (0.3%)
Macquarie Infrastructure Co. LLC		67,128		4,809,050	^Ø
Water Utilities (0.1%)
Cia de Saneamento Basico do Estado de Sao Paulo		175,000		1,369,406	^Ø
Wireless Telecommunication Services (0.4%)
Leap Wireless International, Inc.		60,000		151,200	*^fNØ
SoftBank Corp.		43,500		3,074,529	^Ø
Sprint Corp.		18,933		112,273	*^£
T-Mobile US, Inc.		121,375		3,542,936	*^±£Ø
				6,880,938
Total Common Stocks (Cost $957,161,225)				966,107,319
Preferred Stocks (0.4%)
Automobiles (0.1%)
Volkswagen AG, 4.06%		4,597		979,612	^Ø
Banks (0.2%)
National Bank of Greece SA, Ser. A, 9.00%		222,541		3,932,299	*^Ø
Consumer Finance (0.1%)
Ally Financial, Inc., Ser. G, 7.00%		625		625,937	^ñ
Real Estate Investment Trusts (0.0%)
Strategic Hotels & Resorts, Inc., Ser. B, 8.25%		5,145		131,197	^£

	Number of Shares		Value†
Thrifts & Mortgage Finance (0.0%)
Federal Home Loan Mortgage Corp., Ser. V, 5.57%		11,077	$	35,003	*^£
Federal Home Loan Mortgage Corp., Ser. W, 5.66%		5,370		16,969	*^£
Federal Home Loan Mortgage Corp., Ser. Z, 8.38%		70,341		298,949	*^Ø^µ
				350,921
Total Preferred Stocks (Cost $6,341,650)				6,019,966
Exchange Traded Funds (0.7%)
iShares 20+ Year Treasury Bond ETF		43,800		5,223,150
PowerShares DB U.S. Dollar Index Bullish Fund		252,900		5,839,461	*^Ø
Total Exchange Traded Funds (Cost $10,503,868)				11,062,611
	Number of Rights
Rights (0.0%)
Biotechnology (0.0%)
Cubist Pharmaceuticals, Inc., due 12/31/49		5,000		377	*
Health Care Providers & Services (0.0%)
Community Health Systems, Inc., due 1/4/16		19,880		594	*^£
Total Rights (Cost $438)				971

	Number of Warrants		Value†
Warrants (0.0%)
Diversified Financial Services (0.0%)
Nomad Holdings Ltd., due 4/10/17		1,025,486	$	548,635	*^Ø
Media (0.0%)
Tribune Media Co., due 12/31/32		1,877		125,759	*^f
Metals & Mining (0.0%)
HudBay Minerals, Inc., due 7/20/18		1,360		953	*
Total Warrants (Cost $157,365)				675,347
	Principal Amount
Mortgage-Backed Securities (4.8%)
Collateralized Mortgage Obligations (1.2%)
Alternative Loan Trust, Ser. 2005-J2, Class 1A5, 0.65%, due 4/25/35	$	3,185,301		2,860,320	^µ
Banc of America Alternative Loan Trust, Ser. 2005-6, Class 2CB2, 6.00%, due 7/25/35		806,430		755,954
Bear Stearns Asset Backed Securities Trust, Ser. 2004-AC4, Class A1, 5.83%, due 8/25/34		403,878		414,663	^a
CHL Mortgage Pass-Through Trust, Ser. 2005-19, Class 1A1, 5.50%, due 8/25/35		427,278		420,580

See Notes to Schedule of Investments

	Principal Amount		Value†
Citicorp Mortgage Securities REMIC Pass-Through Certificates Trust, Ser. 2005-7, Class 1A4, 5.50%, due 10/25/35	$	331,919	$	334,062
Citicorp Mortgage Securities, Inc., Ser. 2006-3, Class 1A10, 6.25%, due 6/25/36		3,389,201		3,546,494
Citicorp Mortgage Securities, Inc., Ser. 2006-3, Class 1A9, 5.75%, due 6/25/36		691,674		711,652
Citicorp Mortgage Securities, Inc., Ser. 2006-4, Class 1A2, 6.00%, due 8/25/36		933,330		954,627
Citicorp Mortgage Securities, Inc., Ser. 2007-8, Class 1A4, 6.00%, due 9/25/37		194,640		194,612
GSR Mortgage Loan Trust, Ser. 2005-AR6, Class 3A2, 2.64%, due 9/25/35		569,351		537,894	^µ
JP Morgan Alternative Loan Trust, Ser. 2006-S4, Class A3A, 5.78%, due 12/25/36		802,425		738,012	^a
JP Morgan Alternative Loan Trust, Ser. 2006-S4, Class A6, 5.71%, due 12/25/36		815,309		765,368	^a

	Principal Amount		Value†
JP Morgan Mortgage Trust, Ser. 2007-A1, Class 4A1, 2.49%, due 7/25/35	$	298,724	$	301,319	^µ
JP Morgan Mortgage Trust, Ser. 2007-A1, Class 5A6, 2.59%, due 7/25/35		356,856		325,486	^µ
MASTR Alternative Loans Trust, Ser. 2004-10, Class 4A1, 6.00%, due 9/25/19		140,474		145,129
PHH Mortgage Trust, Ser. 2008-CIM1, Class 21A2, 6.00%, due 5/25/38		217,718		223,723
RFMSI Trust, Ser. 2005-SA3, Class 1A, 2.72%, due 8/25/35		399,028		320,055	^µ
Structured Asset Securities Corp. Trust, Ser. 2005-6, Class 2A1, 5.50%, due 5/25/35		276,433		284,892
WaMu Mortgage Pass-Through Certificates, Ser. 2004-S1, Class 1A11, 5.50%, due 3/25/34		209,133		220,329
Wells Fargo Mortgage Backed Securities Trust, Ser. 2005-9, Class 1A12, 5.50%, due 10/25/35		1,318,712		1,324,930

	Principal Amount		Value†
Wells Fargo Mortgage Backed Securities Trust, Ser. 2005-AR9, Class 3A2, 2.61%, due 6/25/34	$	375,542	$	363,272	^µ
Wells Fargo Mortgage Backed Securities Trust, Ser. 2006-13, Class A5, 6.00%, due 10/25/36		356,073		367,727
Wells Fargo Mortgage Backed Securities Trust, Ser. 2007-10, Class 2A5, 6.25%, due 7/25/37		1,247,009		1,257,035
Wells Fargo Mortgage Backed Securities Trust, Ser. 2007-12, Class A6, 5.50%, due 9/25/37		912,478		929,762
Wells Fargo Mortgage Backed Securities Trust, Ser. 2007-14, Class 1A1, 6.00%, due 10/25/37		999,945		1,013,472
Wells Fargo Mortgage Backed Securities Trust, Ser. 2007-16, Class 1A7, 6.00%, due 12/28/37		307,875		317,711
				19,629,080
Commercial Mortgage-Backed (3.6%)
BAMLL Commercial Mortgage Securities Trust, Ser. 2013-DSNY, Class F, 3.65%, due 9/15/26		4,200,000		4,218,686	^ñØµ

See Notes to Schedule of Investments

	Principal Amount		Value†
BAMLL Commercial Mortgage Securities Trust, Ser. 2014-ICTS, Class E, 3.10%, due 6/15/28	$	3,450,000	$	3,432,829	^ñµ
Boca Hotel Portfolio Trust, Ser. 2013-BOCA, Class E, 3.90%, due 8/15/26		700,000		700,874	^ñØµ
COMM Mortgage Trust, Ser. 2014-PAT, Class E, 3.30%, due 8/13/27		1,700,000		1,683,372	^ñµ
Commercial Mortgage Trust, Ser. 2007-GG11, Class AJ, 6.05%, due 12/10/49		5,940,000		6,209,670	^Øµ
Credit Suisse Commercial Mortgage Trust, Ser. 2006-C4, Class AJ, 5.54%, due 9/15/39		3,500,000		3,531,861	^µ
Credit Suisse First Boston Commercial Mortgage Trust, Ser. 2003-C3, Class H, 5.16%, due 5/15/38		382,254		382,269	^ñµ
GE Capital Commercial Mortgage Corp., Ser. 2005-C3, Class G, 5.16%, due 7/10/45		3,000,000		3,021,720	^ñµ
JP Morgan Chase Commercial Mortgage Securities Trust, Ser. 2006-CB15, Class AM, 5.86%, due 6/12/43		4,800,000		4,909,973	^Øµ

	Principal Amount		Value†
JP Morgan Chase Commercial Mortgage Securities Trust, Ser. 2006-LDP8, Class C, 5.55%, due 5/15/45	$	1,200,000	$	1,204,918	^Øµ
JP Morgan Chase Commercial Mortgage Securities Trust, Ser. 2013-JWRZ, Class E, 3.89%, due 4/15/30		4,330,000		4,338,734	^ñµ
JP Morgan Chase Commercial Mortgage Securities Trust, Ser. 2014-FL5, Class D, 3.65%, due 7/15/31		1,150,000		1,154,730	^ñµ
LB-UBS Commercial Mortgage Trust, Ser. 2007-C1, Class AJ, 5.48%, due 2/15/40		2,500,000		2,602,200	^Ø
LB-UBS Commercial Mortgage Trust, Ser. 2007-C7, Class AJ, 6.25%, due 9/15/45		4,000,000		4,230,816	^Øµ
Morgan Stanley Capital I Trust, Ser. 2007-T25, Class AJ, 5.57%, due 11/12/49		7,725,000		7,924,475	^Øµ
NorthStar, Ser. 2013-1A, Class B, 5.15%, due 8/25/29		500,000		512,500	^ñØµ
PFP III Ltd., Ser. 2014-1, Class D, 4.25%, due 6/14/31		3,300,000		3,306,036	^ñØµ
Wachovia Bank Commercial Mortgage Trust, Ser. 2007-C31, Class AJ, 5.66%, due 4/15/47		4,450,000		4,621,881	^Øµ

	Principal Amount		Value†
Wells Fargo Commercial Mortgage Trust, Ser. 2014-TISH, Class WTS2, 3.40%, due 2/15/27	$	1,700,000	$	1,698,256	^ñØµ
				59,685,800
Total Mortgage-Backed Securities (Cost $79,235,019)				79,314,880
Asset-Backed Securities (2.6%)
AmeriCredit Automobile Receivables Trust, Ser. 2012-4, Class E, 3.82%, due 2/10/20		400,000		412,708	^ñ
Ameri- Credit Automobile Receivables Trust, Ser. 2014-1, Class E, 3.58%, due 8/9/21		3,500,000		3,509,058
AmeriCredit Automobile Receivables Trust, Ser. 2014-2, Class E, 3.37%, due 11/8/21		3,500,000		3,491,611
Atlas Senior Loan Fund II Ltd., Ser. 2012-2A, Class D, 4.48%, due 1/30/24		2,200,000		2,152,275	^ñµ
Babson CLO Ltd., Ser. 2006-2A, Class D, 1.63%, due 10/16/20		5,000,000		4,781,277	^ñµ
Babson CLO Ltd., Ser. 2013-IA, Class D, 3.73%, due 4/20/25		1,450,000		1,367,684	^ñµ
Callidus Debt Partners CLO Fund V Ltd., Ser. 5A, Class C, 1.68%, due 11/20/20		2,000,000		1,924,453	^ñµ

See Notes to Schedule of Investments

	Principal Amount		Value†
CIFC Funding Ltd., Ser. 2006-1BA, Class B2L, 4.23%, due 12/22/20	$	1,900,000	$	1,843,235	^ñµ
ColumbusNova CLO IV Ltd., Ser. 2007-2A, Class D, 4.73%, due 10/15/21		900,000		912,550	^ñµ
Countrywide Asset-Backed Certificates, Ser. 2005-7, Class AF4, 4.87%, due 10/25/35		475,697		479,818	^µ
Country wide Asset-Backed Certificates, Ser. 2005-15, Class 1AF6, 4.57%, due 4/25/36		1,100,608		1,116,888	^µ
Exeter Automobile Receivables Trust, Ser. 2014-3A, Class C, 4.17%, due 6/15/20		300,000		300,020	^ñ
Fairway Loan Funding Co., Ser. 2006-1A, Class B2L, 4.03%, due 10/17/18		200,000		198,646	^ñµ
Gale Force 4 CLO Ltd., Ser. 2007-4A, Class E, 6.63%, due 8/20/21		1,300,000		1,298,048	^µ
Golub Capital Partners CLO Ltd., Ser. 2011-10AR, Class DR, 4.08%, due 10/20/21		750,000		737,435	^ñµ
Greens Creek Funding Ltd., Ser. 2007-1A, Class C, 2.48%, due 4/18/21		4,000,000		3,909,936	^ñµ

	Principal Amount		Value†
Halcyon Loan Advisors Funding Ltd., Ser. 2012-2A, Class E, 5.63%, due 12/20/24	$	300,000	$	279,969	^ñµ
JP Morgan Mortgage Acquisition Corp., Ser. 2007-CH1, Class AF3, 5.43%, due 11/25/36		783,894		802,599	^a
JP Morgan Mortgage Acquisition Corp., Ser. 2007-CH1, Class AF6, 5.43%, due 11/25/36		877,114		884,737	^a
LCM XI LP, Ser. 11A, Class D2, 4.18%, due 4/19/22		2,600,000		2,519,160	^ñµ
Morgan Stanley ABS Capital I, Inc. Trust, Ser. 2006-HE3, Class A2C, 0.31%, due 4/25/36		1,708,114		1,664,687	^µ
Structured Asset Securities Corp. Mortgage Loan Trust, Ser. 2005-4XS, Class 1A3, 5.00%, due 3/25/35		403,482		408,132	^a
Symphony CLO XII Ltd., Ser. 2013-12A, Class D, 3.73%, due 10/15/25		750,000		704,903	^ñµ
Venture IX CDO Ltd., Ser. 2007-9A, Class D, 4.38%, due 10/12/21		2,500,000		2,528,553	^ñµ
Venture XIV CLO Ltd., Ser. 2013-14A, Class D, 3.99%, due 8/28/25		2,400,000		2,278,480	^ñµ

	Principal Amount		Value†
Vitesse CLO Ltd., Ser. 2006-1A, Class B1L, 2.03%, due 8/17/20	$	3,000,000	$	2,947,439	^ñµ
Total Asset-Backed Securities (Cost $43,409,843)				43,454,301
Corporate Debt Securities (4.0%)
Aerospace & Defense (0.1%)
Bombardier, Inc., 7.50%, due 3/15/18		645,000		715,950	^ñØ
Trans Digm, Inc., 6.00%, due 7/15/22		330,000		333,712
				1,049,662
Auto Components (0.1%)
American Axle & Manufacturing, Inc., 5.13%, due 2/15/19		650,000		659,750	^Ø
Gajah Tunggal Tbk PT, 7.75%, due 2/6/18		250,000		251,250	^ñØ
Icahn Enterprises LP, 4.88%, due 3/15/19		725,000		737,687	^Ø
Schaeffler Holding Finance BV, 6.88%, due 8/15/18		695,000		728,013	^cñ
				2,376,700
Banks (0.2%)
Bancolombia SA, 5.13%, due 9/11/22		245,000		249,900	^Ø
CIT Group, Inc., 5.25%, due 3/15/18		650,000		685,750	^Ø
Citigroup, Inc., Ser. M, 6.30%, due 5/15/24		375,000		372,656	^Øµ
ICICI Bank Ltd., 6.37%, due 4/30/22		350,000		361,830	^Øµ
Industrial Senior Trust, 5.50%, due 11/1/22		245,000		243,163	^ñØ

See Notes to Schedule of Investments

	Principal Amount		Value†
Lloyds Banking Group PLC, 7.50%, due 6/27/24	$	500,000	$	520,000	^Øµ
VTB Bank OJSC Via VTB Capital SA, 6.95%, due 10/17/22		250,000		238,006	^Ø
Wells Fargo & Co., Ser. S, 5.90%, due 6/15/24		350,000		359,835	^Øµ
				3,031,140
Building Products (0.0%)
Associated Materials LLC, 9.13%, due 11/1/17		175,000		171,062	^Ø
Building Materials Corp. of America, 5.38%, due 11/15/24		333,000		333,833	^ñ
				504,895
Chemicals (0.0%)
Braskem Finance Ltd., 6.45%, due 2/3/24		250,000		265,187	^Ø
Momentive Performance Materials, Inc., 10.00%, due 10/15/20		613,000		16,858	^≠
Momentive Performance Materials, Inc., 4.69%, due 4/24/22		613,000		499,595	^≠
				781,640
Communications Equipment (0.0%)
Avaya, Inc., 10.50%, due 3/1/21		445,000		389,931	^£ñ
Construction & Engineering (0.0%)
Michael Baker Holdings LLC, 8.88%, due 4/15/19		304,000		300,960	^cñØ
Consumer Finance (0.1%)
SLM Corp., 8.45%, due 6/15/18		700,000		800,800	^Ø

	Principal Amount		Value†
Containers & Packaging (0.1%)
Ardagh Holdings USA, Inc., 3.23%, due 12/15/19	$	325,000	$	318,094	^ñØµ
Sealed Air Corp., 8.13%, due 9/15/19		500,000		541,875	^ñØ
				859,969
Diversified Consumer Services (0.0%)
Service Corp. International, 7.63%, due 10/1/18		575,000		644,000	^Ø
Diversified Financial Services (0.2%)
Comcel Trust, 6.88%, due 2/6/24		270,000		288,900	^ñØ
Corolla Trust, 0.00%, due 8/28/39		2,954,000		2,304,120	^ñØµ
Enova International, Inc., 9.75%, due 6/1/21		450,000		456,750	^£ñ
Lehman Brothers Holdings, Inc., 6.88%, due 5/2/18		1,000,000		152,500	^≠Ø
Opal Acquisition, Inc., 8.88%, due 12/15/21		215,000		224,406	^£ñ
				3,426,676
Diversified Telecommunication Services (0.3%)
Fairpoint Communications, Inc., 8.75%, due 8/15/19		1,115,000		1,176,325	^ñØ
Intelsat Jackson Holdings SA, 5.50%, due 8/1/23		2,750,000		2,756,875	^Ø
Intelsat Luxembourg SA, 6.75%, due 6/1/18		575,000		595,125	^Ø
Sprint Capital Corp., 8.75%, due 3/15/32		600,000		670,500	^Ø
				5,198,825

	Principal Amount		Value†
Electric Utilities (0.1%)
Energy Future Intermediate Holding Co. LLC, 11.75%, due 3/1/22	$	1,671,000	$	1,988,490	^≠ñØ
Energy Equipment & Services (0.0%)
CHC Helicopter SA, 9.25%, due 10/15/20		270,000		288,900	^Ø
PHI, Inc., 5.25%, due 3/15/19		415,000		409,962
				698,862
Food Products (0.1%)
ESAL GmbH, 6.25%, due 2/5/23		250,000		255,000	^ñØ
Minerva Luxembourg SA, 7.75%, due 1/31/23		240,000		250,800	^ñØ
Premier Foods Finance PLC, 6.50%, due 3/15/21		400,000		574,894	^ñØ
Virgolino de Oliveira Finance Ltd., 10.50%, due 1/28/18		400,000		98,000	^ñØ
Virgolino de Oliveira Finance Ltd., 10.88%, due 1/13/20		200,000		121,940	^ñØ
				1,300,634
Health Care Equipment & Supplies (0.1%)
Biomet, Inc., 6.50%, due 10/1/20		895,000		946,462	^£
Health Care Providers & Services (0.3%)
21st Century Oncology, Inc., 8.88%, due 1/15/17		1,336,000		1,359,380
Community Health Systems, Inc., 5.13%, due 8/15/18		350,000		364,000	^Ø
Community Health Systems, Inc., 6.88%, due 2/1/22		500,000		538,750	^ñØ

See Notes to Schedule of Investments

	Principal Amount		Value†
HCA, Inc., 7.25%, due 9/15/20	$	1,600,000	$	1,696,000	^Ø
HCA, Inc., 5.00%, due 3/15/24		715,000		737,351	^Ø
Tenet Healthcare Corp., 8.13%, due 4/1/22		400,000		458,500	^Ø
				5,153,981
Healthcare—Products (0.0%)
Kinetic Concepts, Inc., 10.50%, due 11/1/18		135,000		148,838
Hotels, Restaurants & Leisure (0.2%)
Caesars Entertainment Resort Properties LLC, 8.00%, due 10/1/20		753,000		730,410	^ñØ
Isle of Capri Casinos, Inc., 7.75%, due 3/15/19		275,000		288,750
MGM Resorts International, 7.63%, due 1/15/17		725,000		791,156	^Ø
MTR Gaming Group, Inc., 11.50%, due 8/1/19		749,000		822,028	^Ø
Royal Caribbean Cruises Ltd., 7.25%, due 3/15/18		320,000		359,200	^Ø
				2,991,544
Household Durables (0.1%)
KB Home, 7.50%, due 9/15/22		350,000		377,125	^Ø
Lennar Corp., 6.95%, due 6/1/18		575,000		639,688	^Ø
Standard Pacific Corp., 8.38%, due 5/15/18		460,000		532,450	^Ø
				1,549,263

	Principal Amount		Value†
Household Products (0.1%)
Reynolds Group Issuer, Inc., 7.13%, due 4/15/19	$	750,000	$	779,063	^Ø
Reynolds Group Issuer, Inc., 5.75%, due 10/15/20		525,000		546,000	^Ø
				1,325,063
Independent Power & Renewable Electricity Producers (0.0%)
Calpine Corp., 5.75%, due 1/15/25		325,000		329,062	^Ø
Insurance (0.3%)
Ambac Assurance Corp., 5.10%, due 6/7/20		3,299,000		3,793,850	^≠ñØ
Liberty Mutual Group, Inc., 7.00%, due 3/15/37		550,000		572,000	^ñØµ
Pearl Group Holdings No. 1 Ltd., 6.59%, due 4/25/16		153,000		238,488	^Øµ
				4,604,338
Machinery (0.1%)
CNH Industrial Capital LLC, 3.63%, due 4/15/18		725,000		725,000	^Ø
Navistar International Corp., 8.25%, due 11/1/21		275,000		282,700	^Ø
SPX Corp., 6.88%, due 9/1/17		490,000		535,325	^Ø
				1,543,025
Marine (0.1%)
Hapag-Lloyd AG, 9.75%, due 10/15/17		800,000		824,000	^ñØ
Stena AB, 7.00%, due 2/1/24		280,000		279,300	^ñ
				1,103,300
Media (0.2%)
Cenveo Corp., 11.50%, due 5/15/17		1,862,000		1,889,930	^Ø

	Principal Amount		Value†
DISH DBS Corp., 5.88%, due 7/15/22	$	650,000	$	689,000	^Ø
iHeart Communications, Inc., 10.00%, due 1/15/18		600,000		501,375	^Ø
iHeart Communications, Inc., 9.00%, due 3/1/21		360,000		360,000	^Ø
Media General Financing Sub, Inc., 5.88%, due 11/15/22		333,000		335,497	^ñ
				3,775,802
Metals & Mining (0.2%)
AK Steel Corp., 8.75%, due 12/1/18		575,000		628,187	^Ø
APERAM, 7.75%, due 4/1/18		650,000		672,750	^ñØ
ArcelorMittal, 6.75%, due 2/25/22		725,000		804,823	^Ø
Ryerson, Inc./Joseph T. Ryerson & Son, Inc., 9.00%, due 10/15/17		500,000		526,250	^Ø
Severstal OAO Via Steel Capital SA, 5.90%, due 10/17/22		250,000		237,750	^ñ
United States Steel Corp., 7.00%, due 2/1/18		600,000		661,500	^Ø
Vedanta Resources PLC, 8.25%, due 6/7/21		500,000		545,000	^ñØ
				4,076,260
Oil, Gas & Consumable Fuels (0.5%)
Alpha Natural Resources, Inc., 6.00%, due 6/1/19		600,000		300,000	^Ø
Arch Coal, Inc., 8.00%, due 1/15/19		645,000		419,250	^ñØ

See Notes to Schedule of Investments

	Principal Amount		Value†
Atlas Pipeline Partners LP, 5.88%, due 8/1/23	$	345,000	$	357,937	^Ø
Chesapeake Energy Corp., 7.25%, due 12/15/18		550,000		630,438	^Ø
CITGO Petroleum Corp., 6.25%, due 8/15/22		215,000		218,763	^ñØ
EP Energy LLC, 6.88%, due 5/1/19		600,000		624,000	^Ø
Kinder Morgan Finance Co. LLC, 6.00%, due 1/15/18		600,000		657,750	^ñØ
Linn Energy LLC, 6.25%, due 11/1/19		500,000		460,000	^Ø
Overseas Shipholding Group, Inc., 8.13%, due 3/30/18		1,565,000		1,576,737	^≠Ø
Pacific Rubiales Energy Corp., 5.13%, due 3/28/23		400,000		383,000	^ñØ
Regency Energy Partners LP, 8.38%, due 6/1/19		495,000		527,175	^ñ
Tesoro Corp., 5.38%, due 10/1/22		625,000		643,750	^Ø
Tesoro Logistics LP, 5.50%, due 10/15/19		275,000		282,563	^ñ
The Williams Cos., Inc., 4.55%, due 6/24/24		470,000		460,274	^Ø
				7,541,637
Paper & Forest Products (0.0%)
Verso Paper Holdings LLC/Verso Paper, Inc., 11.75%, due 1/15/19		646,000		553,945

	Principal Amount		Value†
Pharmaceuticals (0.0%)
Valeant Pharmaceuticals International, Inc., 5.63%, due 12/1/21	$	725,000	$	717,750	^ñØ
Real Estate Management & Development (0.0%)
TRI Pointe Holdings, Inc., 4.38%, due 6/15/19		280,000		278,600	^ñØ
Retail (0.1%)
Petco Holdings, Inc., 8.50%, due 10/15/17		944,000		948,720	^cñØ
Road & Rail (0.1%)
Avis Budget Car Rental LLC, 4.88%, due 11/15/17		345,000		355,781	^Ø
The Hertz Corp., 6.75%, due 4/15/19		650,000		677,625	^Ø
Ukraine Railways via Shortline PLC, 9.50%, due 5/21/18		250,000		180,050	^ñØ
				1,213,456
Software (0.1%)
First Data Holdings, Inc., 14.50%, due 9/24/19		1,218,000		1,288,644	^cñ
Wireless Telecommunication Services (0.2%)
Eileme 2 AB, 11.75%, due 1/31/20		400,000		577,076	^Ø
Hughes Satellite Systems Corp., 7.63%, due 6/15/21		450,000		500,625	^Ø
NII International Telecom SCA, 7.88%, due 8/15/19		1,040,000		665,600	^≠ñØ
T-Mobile USA, Inc., 5.25%, due 9/1/18		650,000		674,375	^Ø

	Principal Amount		Value†
Vimpel Communications Via VIP Finance Ireland Ltd. OJSC, 7.75%, due 2/2/21	$	250,000	$	254,375	^ñ
				2,672,051
Total Corporate Debt Securities (Cost $67,322,326)				66,114,925
Bank Loan Obligations^µ (10.3%)
Advertising (0.7%)
Affinion Group, Inc., 1st Lien Term Loan B, 6.75%, due 4/30/18		3,256,825		3,148,274
Authentic Brands, 1st Lien Term Loan, 5.50%, due 5/22/21		1,990,000		1,975,075
Catalina Marketing Corp., 1st Lien Term Loan, 4.50%, due 4/2/21		679,298		661,045
CBS Outdoor Americas Capital LLC, 3.00%, due 1/31/21		750,000		736,125	^Ø
Extreme Reach, Inc., 1st Lien Term Loan, 6.75%, due 12/31/25		1,003,437		1,003,437
Extreme Reach, Inc., 2nd Lien Term Loan, 10.50%, due 12/31/25		1,593,000		1,593,000
VFH Parent LLC, 1st Lien Term Loan, 5.75%, due 11/5/19		2,731,351		2,731,351
				11,848,307
Aerospace & Defense (0.1%)
The SI Organization, Inc., 1st Lien Term Loan, 5.75%, due 10/24/19		1,433,623		1,431,387	^Ø

See Notes to Schedule of Investments

	Principal Amount		Value†
The SI Organization, Inc., Delayed Draw 1st Lien Term Loan, due 11/23/19	$	190,108	$	189,811	^Ø††
				1,621,198
Auto Components (0.1%)
TI Group Automotive Systems LLC, 4.25%, due 7/2/21		498,750		493,763
Visteon Corp., Initial Term Loan, 3.50%, due 4/9/21		598,500		589,522	^Ø
				1,083,285
Building Materials (0.0%)
Quikrete Holdings, Inc., 1st Lien Term Loan, 4.00%, due 9/18/20		719,282		711,729	^Ø
Chemicals (0.1%)
Arizona Chemicals Ltd., 1st Lien Term Loan, 4.50%, due 6/9/21		710,490		709,048	^Ø
Axalta Coating Systems US Holdings, Inc., 4.00%, due 2/1/20		713,967		701,923	^Ø
				1,410,971
Commercial Services & Supplies (0.8%)
Aramark Services, Inc., 1st Lien Term Loan F, 3.25%, due 2/21/21		746,873		735,439	^Ø
CA Acquisition Holdings, Inc., 6.00%, due 8/17/19		382,687		383,483
Indiana Toll Road Concession Co. LLC, Term Loan, due 6/30/14		2,322,432		1,730,212	^Ø

	Principal Amount		Value†
Indiana Toll Road Concession Co. LLC, Term Loan A, due 6/28/15	$	6,178,342	$	4,595,142	^{^^≠}
Indiana Toll Road Concession Co. LLC, Term Loan B, due 6/28/15		285,664		212,462	^{^^≠}
Indiana Toll Road Concession Co. LLC, Term Loan C, due 6/28/15		872,515		648,933	^{^^≠}
Insight Global, Inc., 5.25%, due 12/31/19		494,962		493,725
iQor US, Inc., 2nd Lien Term Loan, 9.75%, due 2/18/22		293,667		256,224	^Ø
Millennium Laboratories LLC, 5.25%, due 3/28/21		415,958		415,700
PHS Group PLC, 1st Lien Term Loan B, due 8/2/15		347,000		385,331	^{^^}
PHS Group PLC, 1st Lien Term Loan C, due 7/4/16		347,000		388,106	^{^^}
Sedgwick, Inc., 2nd Lien Term Loan, 6.75%, due 2/11/22		1,252,000		1,214,440	^Ø
The Brickman Group Ltd. LLC, 2nd Lien Term Loan, 7.50%, due 12/17/21		1,788,000		1,756,156	^Ø
				13,215,353
Computers & Peripherals (0.0%)
Peak 10, Inc., 2nd Lien Term Loan, 8.25%, due 6/10/22		655,000		645,994

			Principal Amount		Value†
Diversified Financial Services (0.5%)
	4 Technologies, Inc., Term Loan B, 5.50%, due 4/3/20	L	$	1,824,000	$	1,811,469	^Ø
Connolly Corp., 1st Lien Term Loan, 5.00%, due 5/9/21				1,361,588		1,353,078	^Ø
Environmental Resources Management, 1st Lien Term Loan, due 5/9/21				2,881,000		2,826,981	^{^^}
Twin River Management Group, Inc., 1st Lien Term Loan, 5.25%, due 4/10/20				1,380,540		1,373,637	^Ø
						7,365,165
Diversified Telecommunication Services (0.4%)
Fairpoint Communications, Inc., Term Loan B, 7.50%, due 2/14/19				2,890,064		2,909,948	^Ø
Global Telcom Link Corp., 2nd Lien Term Loan, 9.00%, due 5/21/20				2,825,000		2,799,095	^Ø
Level 3 Communications, Inc., Term Loan, due 1/31/22				200,000		200,812
						5,909,855
Electric Utilities (0.4%)
Texas Competitive Electric Holdings Co. LLC, Extended Term Loan, due 10/10/17				2,380,000		1,730,593	^{^^≠Ø}
Texas Competitive Electric Holdings Co., DIP Term Loan, due 5/5/16				235,901		237,081	^≠Ø

See Notes to Schedule of Investments

	Principal Amount		Value†
Texas Competitive Electric Holdings Co., Term Loan, due 6/6/16	$	4,680,000	$	4,668,300	^≠Ø
				6,635,974
Electrical Components & Equipment (0.0%)
Pelican Products, Inc., 2nd Lien Term Loan, 9.25%, due 4/8/21		670,000		663,300
Food Products (0.3%)
Albertson's Holdings LLC, Term Loan B3, 4.00%, due 8/8/19		1,708,000		1,703,115	^Ø
Del Monte Corp., 2nd Lien Term Loan, 8.25%, due 7/26/21		1,917,000		1,706,130	^Ø
Ferrara Candy Co., 7.50%, due 6/8/17		1,885,533		1,800,684
H.J. Heinz Holding Corp., 3.25%, due 6/7/19		5		5
Shearer's Foods LLC, Term Loan, 7.75%, due 6/19/22		208,000		203,840	^Ø
				5,413,774
Health Care Equipment & Supplies (0.1%)
Carestream Health, Inc., 2nd Lien Term Loan, 9.50%, due 12/5/19		1,063,099		1,052,734	^Ø
Hologic, Inc., Refinanced Term Loan, 3.25%, due 8/1/19		745,103		740,633
US Renal Care, Inc., 1st Lien Term Loan, 4.25%, due 7/3/19		497,487		493,756	^Ø
				2,287,123

	Principal Amount		Value†
Health Care Providers & Services (0.4%)
Correct Care Solutions LLC, 1st Lien Term Loan, 5.00%, due 7/22/21	$	494,000	$	485,355	^Ø
CRC Health Corp., Term Loan, 9.00%, due 9/28/21		808,000		825,170	^Ø
Genesis HealthCare DE LLC, Term Loan, 10.00%, due 10/2/17		173,926		179,144	^Ø
Gentiva Health Services, Inc., Term Loan B, 6.50%, due 10/16/19		2,481,250		2,483,309	^Ø
HCA, Inc., Term Loan B5, 2.90%, due 3/31/17		1,175,000		1,170,230
MPH Acquisition Holdings LLC, Initial Term Loan, 4.00%, due 3/31/21		715,718		703,959
				5,847,167
Healthcare—Products (0.0%)
Ortho-Clinical Diagnostics, Inc., Term Loan B, 4.75%, due 6/30/21		448,875		443,937
Hotels, Restaurants & Leisure (1.5%)
Amaya BV, 1st Lien Term Loan, 5.00%, due 7/29/21		3,035,000		3,009,081	^Ø
Amaya BV, 2nd Lien Term Loan, 8.00%, due 7/29/22		1,777,000		1,793,295	^{^^Ø}
AMF Bowling Centers, Inc., Term Loan B, 7.25%, due 8/12/21		1,205,000		1,192,950

	Principal Amount		Value†
Aristocrat Leisure, Term Loan B, due 9/29/21	$	4,851,000	$	4,813,114
Caesars Entertainment Corp., 1st Lien Term Loan, 7.00%, due 10/9/20		1,488,750		1,417,692
Caesars Entertainment Operating Co., Inc., Term Loan B, 9.75%, due 3/1/17		3,628,905		3,347,665	^Ø
Caesars Growth Properties Holdings LLC, 1st Lien Term Loan, 6.25%, due 4/9/21		248,378		234,096
ClubCorp Club Operations, Inc., Term Loan B, 4.50%, due 7/24/20		500,000		494,790	^Ø
Diamond Resorts Corp., Term Loan, 5.50%, due 4/23/21		495,758		494,518
Fitness International LLC, 1st Lien Term Loan B, 5.50%, due 6/10/20		1,843,380		1,826,863	^Ø
Harrah's Entertainment, Inc., Term Loan B5, 5.19%, due 1/28/18		1,835,830		1,635,266	^Ø
Harrah's Entertainment, Inc., Term Loan B6, 6.99%, due 1/28/18		1,039,804		930,521	^Ø
Hilton Worldwide Finance LLC, Term Loan B2, 3.50%, due 9/23/20		674,912		667,826

See Notes to Schedule of Investments

	Principal Amount		Value†
Mohegan Tribal Gaming Authority, 1st Lien Term Loan B, 5.50%, due 11/19/19	$	1,468,900	$	1,424,833
Scientific Games International, Inc., Initial Term Loan, 4.25%, due 10/18/20		497,494		486,454
SeaWorld Parks & Entertainment, Inc., Term Loan B2, 3.00%, due 5/14/20		487,419		466,401	^Ø
				24,235,365
Household Products (0.2%)
Huish Detergent, Inc., 1st Lien Term Loan, 5.50%, due 3/23/20		2,030,556		1,827,500	^{^^Ø}
KIK Custom Products, Inc., 1st Lien Term Loan, 5.50%, due 4/29/19		496,238		492,268
Prestige Brands, Inc., Term Loan, 4.50%, due 4/28/21		550,000		550,170
				2,869,938
Independent Power & Renewable Electricity Producers (0.1%)
NRG Energy, Inc., 4.50%, due 2/4/21		1,990,000		1,897,963
Insurance (0.5%)
Asurion LLC, 1st Lien Term Loan, 5.00%, due 12/31/20		861,312		861,553
Asurion LLC, 2nd Lien Term Loan, 8.50%, due 2/19/21		5,232,000		5,311,788	^{^^Ø}
Cunningham		1,000,000		1,000,000	^Ø
Lindsey U.S., Inc., 2nd Initial Loan, 9.25%, due 6/10/20

	Principal Amount		Value†
York Risk Services Group, Inc., Delayed Draw Term Loan, due 10/1/21	$	61,854	$	61,429	^††
York Risk Services Group, Inc., Term Loan, 4.75%, due 9/18/21		572,146		568,216
				7,802,986
Internet Software & Services (0.4%)
Answers Corp., Term Loan, 6.25%, due 10/3/21		649,000		626,285
Manwin Licensing International, Term Loan, 14.00%, due 10/4/18		1,385,179		1,501,188	^{^^N}
ProQuest LLC, Term Loan B, due 9/23/21		2,321,000		2,318,818	^{^^}
The Active Network, Inc., Term Loan, 5.50%, due 11/15/20		457,695		452,926	^Ø
Travelclick, 1st Lien Term Loan, 5.50%, due 5/8/21		460,874		455,113	^Ø
Travelport LLC, Term Loan B, 6.00%, due 8/15/21		1,832,000		1,829,710	^Ø
				7,184,040
Machinery (0.1%)
Husky Injection Molding Systems Ltd., 1st Lien Term Loan, 4.25%, due 6/30/21		747,148		734,387	^Ø
Milacron LLC, Term Loan B, 4.00%, due 3/28/20		597,000		581,329
				1,315,716

	Principal Amount		Value†
Media (1.1%)
Charter Communications Operating LLC, Term Loan F, 3.00%, due 1/31/21	$	748,106	$	734,782	^Ø
Endemol, 1st Lien Term Loan, 6.75%, due 8/6/21		1,519,000		1,474,691	^Ø
IMG Worldwide, Inc., 1st Lien Term Loan, 5.25%, due 3/19/21		2,329,163		2,288,984	^Ø
IMG Worldwide, Inc., 2nd Lien Term Loan, 8.25%, due 3/21/22		1,262,000		1,230,450	^Ø
NEP/NCP Holdco, Inc., 4.25%, due 1/22/20		2,519,685		2,456,693
Orion Cable GmbH, Senior Lien Term Loan, due 12/31/14		295,959		363,000	^{^^}
Orion Cable GmbH, Senior Lien Term Loan, 7.91%, due 12/31/14		3,037,725		3,725,832	^{^^}
Rentpath, Inc., Term Loan, 6.25%, due 5/29/20		1,982,437		1,977,481
Springer Science+Business Media GmbH, 5.00%, due 8/15/20		2,231,263		2,211,740
Thomson Learning, 1st Lien Term Loan, 7.00%, due 3/6/21		2,142,741		2,143,813	^Ø
				18,607,466
Metals & Mining (0.0%)
FMG Resources August 2006 Pty Ltd., Term Loan B, 3.75%, due 6/30/19		746,858		727,932	^Ø

See Notes to Schedule of Investments

	Principal Amount		Value†
Miscellaneous Manufacturing (0.1%)
Filtration Group, Inc., 2nd Lien Term Loan, 8.25%, due 11/15/21	$	400,000	$	398,000	^Ø
Gates Global LLC, 4.25%, due 6/12/21		725,000		715,937	^Ø
				1,113,937
Multiline Retail (0.1%)
JC Penny Co., Inc., 1st Lien Term Loan, 5.00%, due 6/13/19		973,560		950,847	^Ø
Oil & Gas Services (0.2%)
Brand Energy, Inc., 1st Lien Term Loan B, 4.75%, due 11/20/20		1,336		1,327
Expro Oilfield Services PLC, Term Loan B, 5.75%, due 8/12/21		1,797,000		1,758,059	^Ø
Preferred Proppants LLC, Term Loan B, 6.75%, due 8/12/20		1,022,000		970,900
Stallion Oilfield Holdings, Inc., Term Loan, 8.00%, due 6/3/18		143,723		137,256	^Ø
				2,867,542
Oil, Gas & Consumable Fuels (0.1%)
Bowie Resources Holdings LLC, 2nd Lien Term Loan, 11.75%, due 12/31/20		35,100		35,276
Energy Transfer Equity LP, Term Loan, 3.25%, due 12/2/19		750,000		734,197	^Ø

	Principal Amount		Value†
Fieldwood Energy LLC, 1st Lien Term Loan, 3.88%, due 9/28/18	$	596,987	$	583,107	^Ø
				1,352,580
Packaging & Containers (0.2%)
Ardagh Holdings USA, Inc., 1st Lien Term Loan B, 4.00%, due 12/17/19		497,500		492,112	^Ø
Berlin Packaging LLC, 1st Lien Term Loan, 4.50%, due 9/24/21		434,000		431,288
Beverage Packaging Holdings SA, 4.00%, due 12/1/18		1,739		1,728
Goodpack Ltd., 1st Lien Term Loan, due 8/5/21		957,000		949,823	^Ø
Goodpack Ltd., 2nd Lien Term Loan, 8.00%, due 8/5/22		1,053,000		1,049,051	^Ø
				2,924,002
Paper & Forest Products (0.0%)
NewPage Corp., 1st Lien Term Loan, 9.50%, due 2/5/21		494,000		478,686	^Ø
Personal Products (0.1%)
Vogue International LLC, Term Loan, 5.25%, due 2/7/20		940,275		940,275
Pharmaceuticals (0.2%)
Amneal Pharmaceuticals LLC, Term Loan B, 4.75%, due 10/30/20		340,142		336,741	^Ø
Atrium Innovations, Inc., 1st Lien Term Loan, 4.25%, due 1/29/21		1,760,898		1,659,646	^Ø

	Principal Amount		Value†
Packaging Coordinators, Inc. Term Loan, 5.25%, due 8/12/21	$	1,838,000	$	1,824,215	^Ø
				3,820,602
Real Estate Management & Development (0.2%)
DTZ US Borrower LLC, 1st Lien Term Loan, due 10/28/21		1,034,627		1,033,768	^{^^}
DTZ US Borrower LLC, Delayed Draw Term Loan B, due 10/28/22		616,373		615,862	^{^^}
Realogy Group LLC, New Term Loan B, 3.75%, due 3/5/20		748,116		741,569
				2,391,199
Software (0.7%)
Ascend Learning LLC, 2nd Lien Term Loan, 9.50%, due 11/28/20		2,000,000		1,990,000	^Ø
Ascend Learning LLC, Term Loan B, 6.00%, due 12/31/20		1,162,218		1,163,670
First Data Corp., Extended Term Loan, 4.15%, due 3/24/21		500,000		496,565	^Ø
First Data Corp., Term Loan C1, 3.65%, due 3/24/18		250,000		247,500
Novell, Inc., 2nd Lien Term Loan, 11.00%, due 10/31/18		2,626,000		2,662,107	^Ø
P2 Energy Solutions, Inc., 2nd Lien Term Loan, 9.00%, due 4/30/21		605,000		598,950	^Ø

See Notes to Schedule of Investments

	Principal Amount		Value†
Progres- sive Solutions, Inc., 1st Lien Term Loan, 5.50%, due 10/16/20	$	1,413,519	$	1,404,685
Progressive Solutions, Inc., 2nd Lien Term Loan, 9.50%, due 10/22/21		2,073,000		2,031,540	^Ø
Renaissance Learning, Inc., 2nd Lien Term Loan, 8.00%, due 4/1/22		427,000		415,258	^Ø
Team Viewer US LCC, 1st Lien Term Loan, 6.00%, due 12/11/20		937,000		915,524	^Ø
				11,925,799
Specialty Retail (0.2%)
National Vision, Inc., 2nd Lien Term Loan, 6.75%, due 7/1/18		302,930		286,648	^Ø
Payless, Inc., 1st Lien Term Loan, 5.00%, due 3/5/21		1,523,345		1,470,668
Payless, Inc., 2nd Lien Term Loan, 8.50%, due 3/4/22		766,000		726,742	^Ø
				2,484,058
Steel—Specialty (0.0%)
Signode Industrial Group US, Inc., 1st Lien Term Loan, 4.00%, due 4/8/21		644,444		631,962
Technology Hardware, Storage & Peripherals (0.1%)
Eastman Kodak Co., Term Loan, 7.25%, due 7/31/19		1,981,200		1,982,844

	Principal Amount		Value†
Telecommunications (0.3%)
Converge One Holdings Corp., 1st Lien Term Loan, 6.00%, due 6/16/20	$	2,493,750	$	2,471,929
NTELOS, Inc., Term Loan B, 5.75%, due 11/9/19		2,782,802		2,778,155	^Ø
				5,250,084
Wireless Telecommunication Services (0.0%)
SBA Senior Finance II LLC, Term Loan B-1A, 3.25%, due 3/24/21		748,125		734,434	^Ø
Total Bank Loan Obligations (Cost $171,856,658)				169,593,389
Municipal Notes (1.0%)
Puerto Rico (1.0%)
Puerto Rico Commonwealth Development Bank Senior Notes, Ser. B-1A, 7.75%, due 6/30/15		6,015,000		6,013,917
Puerto Rico Commonwealth GO Bonds, Ser. A, 8.00%, due 7/1/35		12,361,000		10,785,714	^Ø
Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement, Ser. B, 6.00%, due 7/1/39		315,000		232,174	^Ø
Total Municipal Notes (Cost $17,509,972)				17,031,805
	Number of Contracts
Purchased Options (0.4%)
Call Options (0.1%)
AMC Networks, Inc., Call, Dec 2014 @ 65		111		12,765	^±

	Number of Contracts		Value†
Applied Materials, Inc., Call, Jan 2015 @ 21		265	$	52,735
Applied Materials, Inc., Call, Apr 2015 @ 20		3,843		1,210,545
Applied Materials, Inc., Call, Apr 2015 @ 21		338		85,852
Applied Materials, Inc., Call, Apr 2015 @ 23		336		52,080
AstraZeneca PLC, Call, Jan 2015 @ 80		315		43,785	^±
AT&T, Inc., Call, Jun 2015 @ 46		1,342		2,684	^±f
AT&T, Inc., Call, Jun 2015 @ 47		4,610		9,220	^±
BGC Partners, Inc., Call, Nov 2014 @ 10		724		—	^f
CME Group, Inc., Call, Nov 2014 @ 85		53		4,611
Conn's, Inc., Call, Nov 2014 @ 34		32		2,240
Conn's, Inc., Call, Nov 2014 @ 37		116		580	^f
Digital River, Inc., Call, Dec 2014 @ 27		85		425
Dollar Tree, Inc., Call, Jan 2015 @ 70		22		220
Joy Global, Inc., Call, Jan 2015 @ 65		30		390
Nuance Communications, Inc., Call, Jan 2015 @ 18		101		3,535
Office Depot, Inc., Call, Jan 2015 @ 7		210		—	^f
Perrigo Co. PLC, Call, Nov 2014 @ 160		39		21,060
Rite Aid Corp., Call, Nov 2014 @ 5.5		178		2,492
S&P 500 Index, Call, Nov 2014 @ 1910		23		247,595	^±

See Notes to Schedule of Investments

	Number of Contracts		Value†
Salix Pharmaceuticals Ltd., Call, Nov 2014 @ 150		84	$	43,680	^±
Smith & Nephew PLC, Call, Dec 2014 @ 40		12		—	^±f
Vodafone Group PLC, Call, Apr 2015 @ 38		409		12,270
				1,808,764
Put Options (0.3%)
Actavis PLC, Put, Dec 2014 @ 235		56		38,080
Actavis PLC, Put, Dec 2014 @ 240		59		52,510
Actavis PLC, Put, Jan 2015 @ 215		16		6,016
Allergan, Inc., Put, Nov 2014 @ 165		21		210	^±
Allergan, Inc., Put, Nov 2014 @ 170		64		6,912	^±
Allergan, Inc., Put, Nov 2014 @ 175		21		2,415	^±
Allergan, Inc., Put, Jan 2015 @ 175		81		52,650	^±
American Airlines Group, Inc., Put, Dec 2014 @ 38		127		15,240	^±
Annaly Capital Management, Inc., Put, Jan 2015 @ 8		52		156
ARIAD Pharmaceuticals, Inc., Put, Nov 2014 @ 6		166		7,470
AT&T, Inc., Put, Jun 2015 @ 30		2,165		142,890	^±
AT&T, Inc., Put, Jun 2015 @ 33		4,414		635,616	^±
Athlon Energy, Inc., Put, Nov 2014 @ 55		41		615
Auxilium Pharmaceuticals, Inc., Put, Jan 2015 @ 25		87		2,610

	Number of Contracts		Value†
B/E Aerospace, Inc., Put, Jan 2015 @ 85		111	$	130,980
B/E Aerospace, Inc., Put, Jan 2015 @ 95		37		76,220
Bally Technologies, Inc., Put, Jan 2015 @ 75		13		2,288
Burger King Worldwide, Inc., Put, Jan 2015 @ 40		178		167,320
Chiquita Brands International, Inc., Put, Nov 2014 @ 12		78		390	^f
CME Group, Inc., Put, Nov 2014 @ 82.5		54		6,534
Comcast Corp., Put, Apr 2015 @ 50		213		30,672
Compuware Corp., Put, Nov 2014 @ 9		746		—	^±f
Compuware Corp., Put, Feb 2015 @ 10		214		2,140	^±
Covidien PLC, Put, Dec 2014 @ 70		106		4,770	^±
Covidien PLC, Put, Jan 2015 @ 90		196		113,680	^±
Digital River, Inc., Put, Dec 2014 @ 24		46		1,380	^f
DIRECTV, Put, Jun 2015 @ 85		182		74,620
eBay, Inc., Put, Nov 2014 @ 49		43		860	^±
eBay, Inc., Put, Dec 2014 @ 45		106		1,802	^±
EMC Corp., Put, Jan 2015 @ 28		164		14,596
Endo International PLC, Put, Nov 2014 @ 55		21		105	^f
Express, Inc., Put, Jan 2015 @ 15		130		23,400
Family Dollar Stores, Inc., Put, Jan 2015 @ 75		82		2,050

	Number of Contracts		Value†
Globalstar, Inc., Put, Apr 2015 @ 3		2,291	$	240,555	^±
Groupon, Inc., Put, Nov 2014 @ 5.5		291		582	^±
International Game Technology, Put, Jan 2015 @ 16		73		4,380	^±
iShares Russell 2000 ETF, Put, Nov 2014 @ 105		55		770	^±
iShares Russell 2000 ETF, Put, Nov 2014 @ 107		111		1,998	^±
iShares Russell 2000 ETF, Put, Nov 2014 @ 109.5		55		1,925	^±
iShares Russell 2000 ETF, Put, Nov 2014 @ 111		83		4,482	^±
iShares Russell 2000 ETF, Put, Nov 2014 @ 111.5		7		413	^±
iShares Russell 2000 ETF, Put, Mar 2015 @ 105		1,325		336,550	^±
Isle of Capri Casinos, Inc., Put, Jan 2015 @ 8		113		11,865
JetBlue Airways Corp., Put, Jan 2015 @ 10		436		15,260
Juniper Networks, Inc., Put, Nov 2014 @ 19		178		712
Juniper Networks, Inc., Put, Nov 2014 @ 20		89		1,246
Juniper Networks, Inc., Put, Dec 2014 @ 20		49		1,911
Lorillard, Inc., Put, Mar 2015 @ 57.5		171		25,650
M&T Bank Corp., Put, Jan 2015 @ 125		25		15,500
M&T Bank Corp., Put, Jan 2015 @ 130		54		46,980

See Notes to Schedule of Investments

	Number of Contracts		Value†
M&T Bank Corp., Put, Jan 2015 @ 135		28	$	37,520
Mead Johnson Nutrition Co., Put, Dec 2014 @ 90		31		3,627	^±
Medtronic, Inc., Put, Jan 2015 @ 60		66		3,300
Multimedia Games Holding Co., Inc., Put, Jan 2015 @ 30		101		2,020
Nuance Communications, Inc., Put, Nov 2014 @ 14		172		860
Office Depot, Inc., Put, Nov 2014 @ 5		1,095		16,425
Rackspace Hosting, Inc., Put, Jan 2015 @ 30		97		3,880
Riverbed Technology, Inc., Put, Dec 2014 @ 18		203		3,451
Rockwood Holdings, Inc., Put, Nov 2014 @ 70		164		80,360	^f
Ruti-Sweetwater, Inc., Put, Nov 2014 @ 1100		8		2,600
Ruti-Sweetwater, Inc., Put, Nov 2014 @ 1120		10		6,000
Ruti-Sweetwater, Inc., Put, Dec 2014 @ 1140		7		14,140
Ruti-Sweetwater, Inc., Put, Dec 2014 @ 1150		3		6,882
Salix Pharmaceuticals Ltd., Put, Nov 2014 @ 135		24		9,240	^±
Shire PLC, Put, Jan 2015 @ 175		34		11,560
Shire PLC, Put, Apr 2015 @ 220		65		187,850
Southside Bancshares, Inc., Put, Jan 2015 @ 40		52		41,080
SPDR S&P 500 ETF Trust, Put, Nov 2014 @ 185		55		935	^±

	Number of Contracts		Value†
SPDR S&P 500 ETF Trust, Put, Nov 2014 @ 190		110	$	3,850	^±
SPDR S&P 500 ETF Trust, Put, Nov 2014 @ 192		10		470	^±
SPDR S&P 500 ETF Trust, Put, Nov 2014 @ 196		13		1,170	^±
SPDR S&P 500 ETF Trust, Put, Nov 2014 @ 200		9		1,638	^±
SPDR S&P 500 ETF Trust, Put, Dec 2014 @ 190		5,000		830,000	^±
SPDR S&P 500 ETF Trust, Put, Dec 2014 @ 193		18		3,258	^±
SPDR S&P 500 ETF Trust, Put, Dec 2014 @ 198		14		4,172	^±
SPDR S&P 500 ETF Trust, Put, Feb 2015 @ 190		2,000		672,000	^±
SPDR S&P 500 ETF Trust, Put, Mar 2015 @ 181		708		205,320	^±
Sprint Corp., Put, Jan 2015 @ 5		409		4,908
Star Buffet, Inc., Put, Dec 2014 @ 25		222		8,880	^±f
Talisman Energy, Inc., Put, Apr 2015 @ 8		245		51,450
Tesla Motors, Inc., Put, Jan 2015 @ 190		9		3,960
Tesla Motors, Inc., Put, Mar 2015 @ 190		10		8,550
TIBCO Software, Inc., Put, Jan 2015 @ 21		284		12,780
Tim Hortons, Inc., Put, Jan 2015 @ 70		102		4,998
Time Warner Cable, Inc., Put, Jan 2015 @ 140		113		64,410
T-Mobile US, Inc., Put, Feb 2015 @ 27		319		14,674	^±
TriQuint Semiconductor, Inc., Put, Nov 2014 @ 18		88		440
Weight Watchers International, Inc., Put, Jan 2015 @ 15		139		3,197

	Number of Contracts			Value†
Weight Watchers International, Inc., Put, Jan 2015 @ 16		14		$	280
					4,660,111
Total Purchased Options (Cost $9,259,660)					6,468,875
	Number of Shares
Short-Term Investment (17.7%)
Money Market Fund (17.7%)
Dreyfus Treasury Prime Cash Management (Cost $290,553,880)		290,553,885			290,553,880	^Ø
Total Long Positions (100.7%) (Cost $1,653,311,904)					1,656,398,269	^##
Cash, receivable and other assets, less liabilities (21.5%)					354,425,988	^{±Ø†††}
Short Positions (see summary below) ((22.2)%)					(365,511,610	)
Total Net Assets (100.0%)				$	1,645,312,647
Short Positions ((22.2)%)
Common Stocks Sold Short (11.0%)^£ØØ
Aerospace & Defense (0.1%)
Esterline Technologies Corp.		(19,700	)		(2,307,067	)*
Airlines (0.0%)
American Airlines Group, Inc.		(1,204	)		(49,785	)
Automobiles (0.3%)
General Motors Co.		(27,733	)		(870,816	)
Honda Motor Co. Ltd.		(31,700	)		(981,832	)
Nissan Motor Co. Ltd.		(244,000	)		(2,167,706	)
Tesla Motors, Inc.		(827	)		(199,886	)*
Toyota Motor Corp.		(20,800	)		(1,203,280	)
					(5,423,520	)

See Notes to Schedule of Investments

	Number of Shares			Value†
Banks (0.4%)
Bank of the Ozarks, Inc.		(2,532	)	$	(89,228	)
BB&T Corp.		(37,218	)		(1,409,818	)
M&T Bank Corp.		(5,174	)		(632,159	)
Southside Bancshares, Inc.		(60,319	)		(2,025,512	)
Towne Bank		(29,579	)		(448,418	)
Valley National Bancorp		(156,393	)		(1,560,802	)
					(6,165,937	)
Beverages (0.0%)
Dr. Pepper Snapple Group, Inc.		(10,100	)		(699,425	)
Biotechnology (0.0%)
Gilead Sciences, Inc.		(7,064	)		(791,168	)*
Capital Markets (0.5%)
LPL Financial Holdings, Inc.		(19,900	)		(823,661	)
Prospect Capital Corp.		(89,082	)		(853,406	)
RCS Capital Corp. Class A		(49,125	)		(806,141	)
T. Rowe Price Group, Inc.		(32,800	)		(2,692,552	)
The Goldman Sachs Group, Inc.		(13,950	)		(2,650,360	)
					(7,826,120	)
Chemicals (0.8%)
Air Products & Chemicals, Inc.		(1,127	)		(151,762	)
Albemarle Corp.		(33,384	)		(1,948,958	)
Celanese Corp. Series A		(20,750	)		(1,218,647	)
Ecolab, Inc.		(7,400	)		(823,102	)
Kaneka Corp.		(171,000	)		(921,033	)
Kuraray Co. Ltd.		(40,600	)		(461,935	)
Methanex Corp.		(14,200	)		(842,628	)
Platform Specialty Products Corp.		(5,062	)		(131,612	)*

	Number of Shares			Value†
Praxair, Inc.		(26,100	)	$	(3,288,339	)
The Dow Chemical Co.		(62,550	)		(3,089,970	)
Toray Industries, Inc.		(142,000	)		(933,856	)
					(13,811,842	)
Commercial Services & Supplies (0.1%)
Clean Harbors, Inc.		(32,300	)		(1,603,049	)*
The Brink's Co.		(1,941	)		(40,761	)
					(1,643,810	)
Communications Equipment (0.0%)
QUALCOMM, Inc.		(3,834	)		(301,008	)
Construction & Engineering (0.0%)
Pike Corp.		(25,340	)		(302,559	)*
Diversified Consumer Services (0.0%)
Weight Watchers International, Inc.		(18,552	)		(483,280	)*
Diversified Financial Services (0.0%)
CME Group, Inc.		(5,300	)		(444,193	)
Diversified Telecommunication Services (1.0%)
AT&T, Inc.		(86,027	)		(2,997,181	)
BCE, Inc.		(15,446	)		(685,925	)
Consolidated Communications Holdings, Inc.		(25,389	)		(657,575	)
Level 3 Communications, Inc.		(171,172	)		(8,029,679	)*
Telecom Italia SpA		(2,907,961	)		(3,288,810	)*
Verizon Communications, Inc.		(27,346	)		(1,374,137	)
					(17,033,307	)
Electrical Equipment (0.2%)
Emerson Electric Co.		(40,100	)		(2,568,806	)
Electronic Equipment, Instruments & Components (0.2%)
Hirose Electric Co. Ltd.		(4,400	)		(529,214	)
Japan Display, Inc.		(89,900	)		(254,513	)*
Kyocera Corp.		(16,400	)		(736,595	)
Ryosan Co. Ltd.		(6,600	)		(136,554	)

	Number of Shares			Value†
Taiyo Yuden Co. Ltd.		(66,400	)	$	(660,305	)
TTM Technologies, Inc.		(493	)		(3,407	)*
Yaskawa Electric Corp.		(50,200	)		(627,472	)
					(2,948,060	)
Energy Equipment & Services (0.1%)
Dresser-Rand Group, Inc.		(11,000	)		(898,700	)*
Food & Staples Retailing (0.2%)
The SPAR Group Ltd.		(73,762	)		(862,627	)
United Natural Foods, Inc.		(27,900	)		(1,897,758	)*
Whole Foods Market, Inc.		(21,600	)		(849,528	)
					(3,609,913	)
Food Products (0.2%)
Danone SA ADR		(4,120	)		(56,320	)
Darling Ingredients, Inc.		(7,774	)		(136,822	)*
Ezaki Glico Co. Ltd.		(6,700	)		(212,945	)
House Foods Group, Inc.		(14,700	)		(250,224	)
Ingredion, Inc.		(18,500	)		(1,429,125	)
Kewpie Corp.		(22,700	)		(387,815	)
Tiger Brands Ltd.		(31,337	)		(942,149	)
					(3,415,400	)
Health Care Equipment & Supplies (0.6%)
Becton Dickinson and Co.		(18,493	)		(2,380,049	)
Haemonetics Corp.		(47,300	)		(1,784,156	)*
Halyard Health, Inc.		(54,800	)		(2,080,756	)*
Medtronic, Inc.		(24,647	)		(1,679,940	)
STERIS Corp.		(8,202	)		(506,884	)
Stryker Corp.		(1,285	)		(112,476	)
Sysmex Corp.		(18,000	)		(755,575	)
Zimmer Holdings, Inc.		(2,910	)		(323,708	)
					(9,623,544	)

See Notes to Schedule of Investments

	Number of Shares			Value†
Health Care Providers & Services (0.0%)
Kindred Healthcare, Inc.		(10,004	)	$	(217,587	)
Hotels, Restaurants & Leisure (0.3%)
Burger King Worldwide, Inc.		(25,476	)		(832,556	)
Hilton Worldwide Holdings, Inc.		(38,365	)		(968,332	)*
Marriott International, Inc. Class A		(27,827	)		(2,107,895	)
Scientific Games Corp. Class A		(4,410	)		(51,906	)*
Starwood Hotels & Resorts Worldwide, Inc.		(11,610	)		(890,023	)
					(4,850,712	)
Household Durables (0.5%)
Lennar Corp. Class A		(160,345	)		(6,907,662	)
Nikon Corp.		(51,100	)		(683,305	)
					(7,590,967	)
Household Products (0.1%)
The Clorox Co.		(21,800	)		(2,169,100	)
Industrial Conglomerates (0.0%)
Koninklijke Philips NV		(4,795	)		(133,972	)
Insurance (0.1%)
Hilltop Holdings, Inc.		(7,998	)		(176,196	)*
Montpelier Re Holdings Ltd.		(27,100	)		(898,094	)
					(1,074,290	)
Internet & Catalog Retail (0.0%)
Amazon.com, Inc.		(646	)		(197,327	)*
Internet Software & Services (0.1%)
Alibaba Group Holding Ltd. ADR		(1,157	)		(114,080	)*
Digital River, Inc.		(10,600	)		(271,042	)*
Trulia, Inc.		(10,561	)		(492,671	)*
					(877,793	)

	Number of Shares			Value†
IT Services (0.3%)
Alliance Data Systems Corp.		(4,242	)	$	(1,201,971	)*
International Business Machines Corp.		(12,460	)		(2,048,424	)
Unisys Corp.		(34,900	)		(894,836	)*
					(4,145,231	)
Machinery (1.0%)
AGCO Corp.		(30,700	)		(1,360,317	)
Caterpillar, Inc.		(8,700	)		(882,267	)
Colfax Corp.		(37,450	)		(2,036,531	)*
Deere & Co.		(40,280	)		(3,445,551	)
Hitachi Construction Machinery Co. Ltd.		(52,300	)		(1,040,645	)
Joy Global, Inc.		(24,050	)		(1,265,752	)
Kone OYJ Class B		(59,932	)		(2,576,060	)
Kubota Corp.		(41,000	)		(634,209	)
Parker Hannifin Corp.		(13,600	)		(1,727,608	)
SPX Corp.		(21,400	)		(2,028,506	)
					(16,997,446	)
Media (1.3%)
Cengage Learning Acquisitions, Inc.		(1,440	)	(40,320)*^fN
Charter Communications, Inc. Class A		(2,864	)		(453,629	)*
Comcast Corp. Class A		(98,799	)		(5,468,525	)
Dex Media, Inc.		(189,074	)		(1,472,886	)*
DIRECTV		(2,500	)		(216,975	)*
Discovery Communications, Inc. Class A		(64,625	)		(2,284,494	)*
Hakuhodo DY Holdings, Inc.		(123,700	)		(1,201,484	)
Liberty Global PLC Class A		(18,549	)		(843,423	)*
Liberty Global PLC Series C		(25,778	)		(1,146,348	)*
Live Nation Entertainment, Inc.		(1,160	)		(30,160	)*
Media General, Inc.		(12,016	)		(179,519	)*

	Number of Shares			Value†
Sirius XM Holdings, Inc.		(68,550	)	$	(235,126	)*
The Walt Disney Co.		(18,243	)		(1,667,045	)
Tribune Media Co. Class A		(37,000	)		(2,479,000	)*
Twenty-First Century Fox, Inc. Class A		(70,100	)		(2,417,048	)
Viacom, Inc. Class B		(12,620	)		(917,222	)
					(21,053,204	)
Metals & Mining (0.1%)
ArcelorMittal		(131,400	)		(1,729,224	)
B2Gold Corp.		(115,871	)		(193,281	)*
Cliffs Natural Resources, Inc.		(7,357	)		(82,619	)
					(2,005,124	)
Multiline Retail (0.2%)
Dollar General Corp.		(6,336	)		(397,077	)*
JC Penney Co., Inc.		(230,957	)		(1,757,583	)*
Kohl's Corp.		(28,100	)		(1,523,582	)
					(3,678,242	)
Oil, Gas & Consumable Fuels (0.2%)
Kinder Morgan, Inc.		(72,787	)		(2,816,857	)
Penn Virginia Corp.		(4,505	)		(38,608	)*
Whiting Petroleum Corp.		(9,011	)		(551,834	)*
WPX Energy, Inc.		(1,776	)		(33,957	)*
					(3,441,256	)
Personal Products (0.1%)
The Estee Lauder Cos., Inc. Class A		(16,200	)		(1,217,916	)
Pharmaceuticals (0.1%)
Auxilium Pharmaceuticals, Inc.		(15,907	)		(511,728	)*
Endo International PLC		(1,964	)		(131,431	)*
Johnson & Johnson		(2,086	)		(224,829	)
					(867,988	)

See Notes to Schedule of Investments

	Number of Shares			Value†
Real Estate Investment Trusts (0.4%)
National Retail Properties, Inc.		(24,143	)	$	(920,331	)
Omega Healthcare Investors, Inc.		(11,512	)		(439,298	)
Realty Income Corp.		(50,249	)		(2,312,961	)
Ventas, Inc.		(36,043	)		(2,469,306	)
Washington Prime Group, Inc.		(33,055	)		(582,760	)
					(6,724,656	)
Real Estate Management & Development (0.1%)
Altisource Portfolio Solutions SA		(10,632	)		(793,785	)*
Road & Rail (0.2%)
Canadian National Railway Co.		(24,000	)		(1,693,920	)
Union Pacific Corp.		(11,400	)		(1,327,530	)
					(3,021,450	)
Semiconductors & Semiconductor Equipment (0.5%)
Analog Devices, Inc.		(12,600	)		(625,212	)
ASM International NV		(26,710	)		(1,068,415	)
Avago Technologies Ltd.		(9,190	)		(792,637	)
Marvell Technology Group Ltd.		(45,800	)		(615,552	)
NVIDIA Corp.		(50,300	)		(982,862	)
Peregrine Semiconductor Corp.		(26,816	)		(333,323	)*
PMC-Sierra, Inc.		(225,600	)		(1,757,424	)*
RF Micro Devices, Inc.		(9,431	)		(122,697	)*
Rohm Co. Ltd.		(4,700	)		(279,092	)
Tokyo Electron Ltd. ADR		(7,085	)		(114,069	)
TriQuint Semiconductor, Inc.		(36,988	)		(800,050	)*
					(7,491,333	)

	Number of Shares			Value†
Software (0.0%)
Concur Technologies, Inc.		(3,400	)	$	(436,288	)*
Splunk, Inc.		(888	)		(58,679	)*
					(494,967	)
Specialty Retail (0.4%)
Cabela's, Inc.		(1,457	)		(69,965	)*
Chico's FAS, Inc.		(275,100	)		(4,148,508	)
Conn's, Inc.		(14,800	)		(460,428	)*
Dick's Sporting Goods, Inc.		(1,984	)		(90,014	)
Hennes & Mauritz AB Class B		(52,561	)		(2,090,581	)
Sally Beauty Holdings, Inc.		(3,025	)		(88,663	)*
					(6,948,159	)
Technology Hardware, Storage & Peripherals (0.2%)
Canon, Inc.		(37,500	)		(1,131,427	)
Seagate Technology PLC		(39,729	)		(2,496,173	)
					(3,627,600	)
Textiles, Apparel & Luxury Goods (0.1%)
Kate Spade & Co.		(62,100	)		(1,684,773	)*
Tobacco (0.0%)
Reynolds American, Inc.		(3,321	)		(208,924	)
Trading Companies & Distributors (0.0%)
United Rentals, Inc.		(3,337	)		(367,270	)*
Wireless Telecommunication Services (0.0%)
NII Holdings, Inc.		(106,795	)		(4,379	)*
Vodafone Group PLC ADR		(41	)		(1,362	)
					(5,741	)
Total Common Stocks Sold Short (Proceeds $(178,858,201))					(182,234,257	)
Exchange Traded Funds Sold Short (10.8%)^£ØØ
Energy Select Sector SPDR Fund		(161,536	)		(14,121,477	)

	Number of Shares			Value†
Hang Seng Investment Index Funds Series—H-Share Index ETF		(12,146	)	$	(172,280	)
Health Care Select Sector SPDR Fund		(158,423	)		(10,657,115	)
iShares FTSE A50 China Index ETF		(200,958	)		(243,840	)
iShares iBoxx $ High Yield Corporate Bond ETF		(19,711	)		(1,823,859	)
iShares Nasdaq Biotechnology ETF		(14,335	)		(4,252,048	)
iShares Russell 2000 Fund		(193,365	)		(22,538,624	)
iShares U.S. Real Estate ETF		(171,919	)		(12,890,487	)
Market Vectors Gold Miners ETF		(23,319	)		(401,320	)
Market Vectors Pharmaceutical ETF		(15,387	)		(975,228	)
Market Vectors Semiconductor ETF		(9,571	)		(492,141	)
Materials Select Sector SPDR Fund		(156,861	)		(7,592,072	)
Nomura ETF—Nikkei 225 Exchange Traded Fund		(4,102	)		(610,963	)
Nomura TOPIX Exchange Traded Fund		(48,551	)		(589,139	)
Powershares QQQ Trust Series 1		(9,443	)		(957,520	)
SPDR S&P 500 ETF Trust		(347,750	)		(70,127,265	)
SPDR S&P Biotech ETF		(1,331	)		(228,120	)
SPDR S&P MidCap 400 ETF Trust		(93,514	)		(24,137,834	)

See Notes to Schedule of Investments

	Number of Shares			Value†
SPDR S&P Regional Banking ETF		(6,349	)	$	(254,468	)
SPDR S&P Retail ETF		(1,043	)		(92,253	)
Vanguard REIT ETF		(48,713	)		(3,847,840	)
WisdomTree Japan Hedged Equity Fund		(6,600	)		(355,212	)
Total Exchange Traded Funds Sold Short (Proceeds $(169,443,474))					(177,361,105	)
	Principal Amount
Corporate Debt Securities Sold Short (0.4%)^£ØØ
Commercial Services & Supplies (0.0%)
ACCO Brands Corp., 6.75%, due 4/30/20	$	(275,000	)		(292,188	)
Health Care Providers & Services (0.1%)
HCA, Inc., 5.88%, due 5/1/23		(650,000	)		(698,750	)
Hotels, Restaurants & Leisure (0.0%)
Caesars Entertainment Operating Co., Inc., 10.00%, due 12/15/18		(1,598,000	)		(231,710	)
IT Services (0.0%)
iPayment, Inc., 10.25%, due 5/15/18		(606,000	)		(509,040	)
Metals & Mining (0.0%)
Cliffs Natural Resources, Inc., 6.25%, due 10/1/40		(48,000	)		(35,520	)
Oil, Gas & Consumable Fuels (0.1%)
Access Midstream Partners LP, 4.88%, due 5/15/23		(450,000	)		(470,250	)
Rice Energy, Inc., 6.25%, due 5/1/22		(365,000	)		(352,909	)^{≠ ñ}
					(823,159	)

	Principal Amount			Value†
Specialty Retail (0.2%)
Staples, Inc., 4.38%, due 1/12/23	$	(3,000,000	)	$	(3,006,891	)
Telecommunications (0.0%)
NII Capital Corp., 10.00%, due 8/15/16		(1,029,000	)		(318,990	)^≠
Total Corporate Debt Securities Sold Short (Proceeds $(6,644,632))					(5,916,248	)
Total Short Positions (Proceeds $(354,946,307))					(365,511,610	)

See Notes to Schedule of Investments

Schedule of Investments Neuberger Berman Long Short Multi-Manager Fund

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

		Country	Industry
1	Verint Systems, Inc.	United States	Software	2.1	%
2	The Williams Cos., Inc.	United States	Oil, Gas & Consumable Fuels	1.8	%
3	Covanta Holding Corp.	United States	Commercial Services & Supplies	1.8	%
4	CBS Corp. Class B	United States	Media	1.8	%
5	Air Products & Chemicals, Inc.	United States	Chemicals	1.6	%
6	American Electric Power Co., Inc.	United States	Electric Utilities	1.6	%
7	Allergan, Inc.	United States	Pharmaceuticals	1.3	%
8	Assured Guaranty Ltd.	Bermuda	Insurance	1.2	%
9	Accor SA	France	Hotels, Restaurants & Leisure	1.2	%
10	NorthStar Realty Finance Corp.	United States	Real Estate Investment Trusts	1.2	%

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

		Country	Industry
1	Chico's FAS, Inc.	United States	Specialty Retail	(0.7	)%
2	Consolidated Edison, Inc.	United States	Multi-Utilities	(0.6	)%
3	Spectra Energy Corp.	United States	Oil, Gas & Consumable Fuels	(0.6	)%
4	Telecom Italia SpA	Italy	Diversified Telecommunication Services	(0.6	)%
5	Praxair, Inc.	United States	Chemicals	(0.5	)%
6	Deere & Co.	United States	Machinery	(0.5	)%
7	The Dow Chemical Co.	United States	Chemicals	(0.5	)%
8	Kone OYJ Class B	Finland	Machinery	(0.5	)%
9	Seagate Technology PLC	Ireland	Technology Hardware, Storage & Peripherals	(0.5	)%
10	T. Rowe Price Group, Inc.	United States	Capital Markets	(0.4	)%

	Number of Shares		Value†
Long Positions (98.7%)
Common Stocks (68.3%)
Aerospace & Defense (1.0%)
Exelis, Inc.		14,990	$	267,572	^Ø
MacDonald Dettwiler & Associates Ltd.		640		48,801	^Ø
				316,373
Auto Components (1.4%)
Continental AG		136		26,698	^Ø
Cooper Tire & Rubber Co.		3,425		110,319	^£Ø
Visteon Corp.		3,315		311,278	*^£Ø
				448,295
Automobiles (0.9%)
Fiat Chrysler Automobiles NV		17,826		204,286	*^Ø
Honda Motor Co. Ltd.		2,300		71,237	^Ø
				275,523
Banks (4.5%)
Bank of America Corp.		15,425		264,693	^Ø
BOC Hong Kong Holdings Ltd.		15,500		51,566	^Ø

	Number of Shares		Value†
China Construction Bank Corp. Class H		63,000	$	46,954	^Ø
Chongqing Rural Commercial Bank Class H		93,000		44,730	^Ø
City National Corp.		2,775		218,420	^Ø
Erste Group Bank AG		2,835		72,155	^Ø
Mitsubishi UFJ Financial Group, Inc.		13,000		73,168	^Ø
Mizuho Financial Group, Inc.		87,000		154,908	^Ø
Regions Financial Corp.		32,575		323,470	^Ø
Sberbank of Russia ADR		6,485		49,221
Sumitomo Mitsui Financial Group, Inc.		1,700		66,585	^Ø

	Number of Shares		Value†
Sumitomo Mitsui Trust Holdings, Inc.		16,000	$	63,245	^Ø
				1,429,115
Beverages (0.9%)
PepsiCo, Inc.		3,099		298,031	^Ø
Biotechnology (0.1%)
United Therapeutics Corp.		366		47,935	*^Ø
Building Products (0.1%)
LIXIL Group Corp.		1,300		27,777	^Ø
Capital Markets (0.4%)
Jafco Co. Ltd.		1,500		56,421	^Ø
Nomura Holdings, Inc.		10,500		63,089	^Ø
				119,510
Chemicals (2.9%)
Air Products & Chemicals, Inc.		3,725		501,609	^Ø
Asahi Kasei Corp.		3,000		24,088	^Ø
Huntsman Corp.		3,550		86,620	^Ø
Monsanto Co.		662		76,156	^£Ø

See Notes to Schedule of Investments

	Number of Shares		Value†
Nissan Chemical Industries Ltd.		3,000	$	54,298	^Ø
Nitto Denko Corp.		900		47,698	^Ø
Shin-Etsu Chemical Co. Ltd.		1,000		62,711	^Ø
Tronox Ltd. Class A		1,586		38,349	^Ø
Ube Industries Ltd.		15,000		22,702	^Ø
				914,231
Commercial Services & Supplies (2.4%)
Covanta Holding Corp.		26,201		578,256	^Ø
Tyco International Ltd.		4,700		201,771	^Ø
				780,027
Communications Equipment (0.4%)
Motorola Solutions, Inc.		1,700		109,650
ParkerVision, Inc.		6,219		8,147	*^£Ø
				117,797
Construction & Engineering (0.2%)
Taisei Corp.		10,000		54,752	^Ø
Containers & Packaging (1.0%)
Nampak Ltd.		18,034		73,527	^Ø
Orora Ltd.		139,038		212,283	^Ø
Pact Group Holdings Ltd.		14,120		47,466	^Ø
				333,276
Diversified Consumer Services (1.3%)
Regis Corp.		10,350		175,743	^Ø
Sotheby's		5,760		228,442	^Ø
				404,185
Diversified Financial Services (0.2%)
ORIX Corp.		5,200		69,835	^Ø
Diversified Telecommunication Services (1.3%)
Telecom Italia SpA		218,611		195,328	^Ø
Vivendi SA		9,217		224,942	*^Ø
				420,270
Electric Utilities (4.4%)
ALLETE, Inc.		2,991		156,250	^Ø
American Electric Power Co., Inc.		8,502		496,006	^Ø

	Number of Shares		Value†
Edison International		733	$	45,871	^Ø
Enel SpA		7,413		37,809	^Ø
Northeast Utilities		791		39,036	^Ø
OGE Energy Corp.		3,303		123,169	^Ø
Pinnacle West Capital Corp.		1,798		110,523	^Ø
Portland General Electric Co.		2,995		109,048	^Ø
PPL Corp.		7,298		255,357	^Ø
Xcel Energy, Inc.		1,308		43,779	^Ø
				1,416,848
Electrical Equipment (0.1%)
Nidec Corp.		700		45,007	^Ø
Electronic Equipment, Instruments & Components (0.3%)
Hitachi Ltd.		3,000		22,945	^Ø
Keyence Corp.		100		46,721	^Ø
Nichicon Corp.		2,400		15,833	^Ø
				85,499
Energy Equipment & Services (0.2%)
Calfrac Well Services Ltd.		4,000		47,913	^Ø
Paragon Offshore PLC		281		1,368	*^Ø
				49,281
Food & Staples Retailing (1.3%)
Sysco Corp.		2,765		106,563	^£Ø
Walgreen Co.		4,675		300,229	^Ø
				406,792
Food Products (0.6%)
Kellogg Co.		1,580		101,057	^£Ø
Oceana Group Ltd.		4,871		33,475	^Ø
Unilever NV CVA		1,903		73,796	^Ø
				208,328
Health Care Equipment & Supplies (1.1%)
Alere, Inc.		5,692		227,509	*^£Ø
The Cooper Cos., Inc.		800		131,120	^Ø
				358,629
Health Care Providers & Services (1.2%)
Accretive Health, Inc.		30,007		216,050	*^Ø

	Number of Shares		Value†
Fresenius SE & Co. KGaA		1,521	$	78,243	^Ø
Mediclinic International Ltd.		8,527		76,150	^Ø
				370,443
Hotels, Restaurants & Leisure (1.3%)
Accor SA		8,882		372,982	^Ø
McDonald's Corp.		522		48,927	^£Ø
				421,909
Household Durables (0.3%)
Rinnai Corp.		700		61,135	^Ø
Sony Corp.		2,100		38,738	^Ø
				99,873
Independent Power & Renewable Electricity Producers (2.0%)
AES Corp.		22,697		319,347	^Ø
EDP Renovaveis SA		5,675		36,867	^Ø
NRG Energy, Inc.		9,596		287,688	^Ø
				643,902
Industrial Conglomerates (0.5%)
Alliance Global Group, Inc.		177,890		100,292	^Ø
Toshiba Corp.		13,000		55,970	^Ø
				156,262
Insurance (1.4%)
Assured Guaranty Ltd.		16,763		386,890	^Ø
Insurance Australia Group Ltd.		12,970		74,417	^Ø
				461,307
Internet Software & Services (2.2%)
AOL, Inc.		4,300		187,179	*^Ø
Equinix, Inc.		775		161,898	^Ø
Google, Inc. Class A		620		352,079	*^Ø
				701,156
Leisure Products (0.5%)
Hasbro, Inc.		2,600		149,578	^£Ø
Machinery (1.5%)
Amada Co. Ltd.		5,700		48,361	^Ø
Crane Co.		3,750		233,812	^Ø
Komatsu Ltd.		1,300		30,201	^Ø
Makita Corp.		900		49,597	^Ø
Parker Hannifin Corp.		821		104,292	^£Ø
				466,263

See Notes to Schedule of Investments

	Number of Shares		Value†
Marine (0.1%)
Nippon Yusen KK		8,000	$	20,369	^Ø
Media (4.2%)
CBS Corp. Class B		10,650		577,443	^Ø
Cineplex, Inc.		1,410		53,120	^Ø
DISH Network Corp. Class A		3,350		213,228	*^£Ø
Liberty Global PLC Series C		5,401		240,182	*^Ø
Mediaset SpA		9,821		32,786	*^Ø
Time Warner, Inc.		3,006		238,887	^Ø
				1,355,646
Metals & Mining (0.1%)
Nippon Steel & Sumitomo Metal Corp.		12,000		30,981	^Ø
Nyrstar NV		1,759		5,930	*^Ø
				36,911
Multiline Retail (1.6%)
Dollar General Corp.		2,150		134,741	*^Ø
Dollar Tree, Inc.		3,800		230,166	*^Ø
Macy's, Inc.		2,200		127,204	^Ø
Takashimaya Co. Ltd.		4,000		33,296	^Ø
				525,407
Multi-Utilities (0.9%)
CenterPoint Energy, Inc.		2,914		71,539	^Ø
CMS Energy Corp.		1,516		49,528	^Ø
Dominion Resources, Inc.		1,829		130,408	^Ø
PG&E Corp.		655		32,959	^Ø
				284,434
Oil, Gas & Consumable Fuels (5.8%)
Cameco Corp.		9,550		165,979	^Ø
CONSOL Energy, Inc.		5,107		187,938	^Ø
Eni SpA		3,984		84,873	^Ø
GasLog Ltd.		3,163		65,854	^Ø
Golar LNG Ltd.		4,872		273,368	^Ø

	Number of Shares		Value†
JX Holdings, Inc.		3,500	$	14,807	^Ø
Kinder Morgan, Inc.		8,120		314,244	^Ø
SemGroup Corp. Class A		2,220		170,385	^£Ø
The Williams Cos., Inc.		10,603		588,572	^£Ø
				1,866,020
Pharmaceuticals (3.7%)
AbbVie, Inc.		900		57,114	^Ø
Allergan, Inc.		2,125		403,877	^Ø
Bayer AG		701		99,661	^Ø
Catalent, Inc.		5,000		130,150	*^Ø
Johnson & Johnson		1,725		185,921	^Ø
Pfizer, Inc.		4,400		131,780	^Ø
Teva Pharmaceutical Industries Ltd. ADR		1,988		112,262	^£Ø
Zoetis, Inc.		1,618		60,125	^£Ø
				1,180,890
Real Estate Investment Trusts (1.9%)
Gaming and Leisure Properties, Inc.		5,809		181,531	^Ø
Japan Retail Fund Investment Corp.		28		55,763	^Ø
NorthStar Realty Finance Corp.		19,986		371,340	^Ø
				608,634
Real Estate Management & Development (1.0%)
Daiwa House Industry Co. Ltd.		7,900		146,536	^Ø
Mitsubishi Estate Co. Ltd.		3,000		74,663	^Ø
Tokyo Tatemono Co. Ltd.		6,000		50,478	^Ø
Tokyu Fudosan Holdings Corp.		6,100		42,088	^Ø
				313,765

	Number of Shares		Value†
Road & Rail (0.5%)
Union Pacific Corp.		1,500	$	174,675	^Ø
Semiconductors & Semiconductor Equipment (1.4%)
Broadcom Corp. Class A		2,800		117,264	^Ø
Micron Technology, Inc.		6,535		216,243	*^Ø
NXP Semiconductor NV		760		52,182	*^£Ø
SCREEN Holdings Co. Ltd.		9,000		47,594	^Ø
				433,283
Software (3.2%)
Comverse, Inc.		2,343		51,077	*^£Ø
Nintendo Co. Ltd.		200		21,206	^Ø
PTC, Inc.		7,425		283,264	*^Ø
Verint Systems, Inc.		11,642		669,299	*^£Ø
				1,024,846
Specialty Retail (2.6%)
ANN, Inc.		6,425		246,656	*^Ø
Dick's Sporting Goods, Inc.		951		43,147	^£Ø
GNC Holdings, Inc. Class A		2,100		87,297	^Ø
Sanrio Co. Ltd.		1,300		37,209	^Ø
Tiffany & Co.		2,362		227,035	^Ø
United Arrows Ltd.		2,600		95,829	^Ø
Vitamin Shoppe, Inc.		1,900		89,167	*^Ø
				826,340
Technology Hardware, Storage & Peripherals (1.4%)
Apple, Inc.		1,220		131,760	^Ø
Ricoh Co. Ltd.		2,200		22,485	^Ø
Western Digital Corp.		2,883		283,600	^Ø
				437,845
Textiles, Apparel & Luxury Goods (1.2%)
PVH Corp.		1,375		157,231	^Ø
Vera Bradley, Inc.		10,525		239,970	*^Ø
				397,201

See Notes to Schedule of Investments

	Number of Shares		Value†
Thrifts & Mortgage Finance (0.1%)
Federal National Mortgage Association		9,601	$	20,738	*^Ø
Trading Companies & Distributors (0.1%)
Mitsubishi Corp.		1,100		21,187	^Ø
Water Utilities (0.2%)
Cia de Saneamento Basico do Estado de Sao Paulo ADR		7,400		57,424	^£Ø
Wireless Telecommunication Services (0.4%)
SoftBank Corp.		1,900		134,290	^Ø
Total Common Stocks (Cost $21,178,386)				21,817,914
Preferred Stocks (0.9%)
Automobiles (0.1%)
Volkswagen AG, 4.06%		187		39,849	^Ø
Banks (0.7%)
National Bank of Greece SA, Ser. A, 9.00%		11,804		208,577	*^£Ø
Thrifts & Mortgage Finance (0.1%)
Federal Home Loan Mortgage Corp., Ser. Z, 8.38%		4,202		17,859	*^Øµ
Total Preferred Stocks (Cost $296,306)				266,285
Exchange Traded Funds (1.7%)
iShares 20+ Year Treasury Bond ETF		2,200		262,350	^Ø
PowerShares DB U.S. Dollar Index Bullish Fund		12,950		299,015	*^Ø
Total Exchange Traded Funds (Cost $533,485)				561,365

	Number of Shares			Value†
Short-Term Investment (27.8%)
Money Market Fund (27.8%)
Dreyfus Treasury Prime Cash Management (Cost $8,883,656)		8,883,656		$	8,883,656	^Ø
Total Long Positions (98.7%) (Cost $30,891,833)					31,529,220	^##
Cash, receivable and other assets, less liabilities (30.5%)					9,755,516	^Ø†††
Short Positions (see summary below) ((29.2)%)					(9,347,745	)
Total Net Assets (100.0%)				$	31,936,991
Short Positions ((29.2)%)
Common Stocks Sold Short (22.4%)^£ØØ
Aerospace & Defense (0.4%)
Esterline Technologies Corp.		(1,000	)		(117,110	)*
Automobiles (0.5%)
Honda Motor Co. Ltd.		(1,000	)		(30,973	)
Nissan Motor Co. Ltd.		(9,000	)		(79,956	)
Toyota Motor Corp.		(800	)		(46,280	)
					(157,209	)
Beverages (0.1%)
Dr. Pepper Snapple Group, Inc.		(550	)		(38,088	)
Biotechnology (0.1%)
Gilead Sciences, Inc.		(346	)		(38,752	)*
Capital Markets (1.1%)
LPL Financial Holdings, Inc.		(1,025	)		(42,425	)
RCS Capital Corp. Class A		(2,500	)		(41,025	)
T. Rowe Price Group, Inc.		(1,700	)		(139,553	)

	Number of Shares			Value†
The Goldman Sachs Group, Inc.		(725	)	$	(137,743	)
					(360,746	)
Chemicals (1.7%)
Celanese Corp. Series A		(1,050	)		(61,666	)
Ecolab, Inc.		(350	)		(38,931	)
Kaneka Corp.		(6,000	)		(32,317	)
Kuraray Co. Ltd.		(1,300	)		(14,791	)
Methanex Corp.		(750	)		(44,505	)
Praxair, Inc.		(1,300	)		(163,787	)
The Dow Chemical Co.		(3,150	)		(155,610	)
Toray Industries, Inc.		(5,000	)		(32,882	)
					(544,489	)
Commercial Services & Supplies (0.2%)
Clean Harbors, Inc.		(1,675	)		(83,130	)*
Diversified Telecommunication Services (1.1%)
AT&T, Inc.		(2,141	)		(74,593	)
Telecom Italia SpA		(173,037	)		(195,699	)*
Verizon Communications, Inc.		(1,613	)		(81,053	)
					(351,345	)
Electric Utilities (0.8%)
Iberdrola SA		(2,724	)		(19,256	)
IDACORP, Inc.		(537	)		(33,954	)
Otter Tail Corp.		(3,062	)		(94,922	)
The Southern Co.		(2,158	)		(100,045	)
					(248,177	)
Electrical Equipment (0.4%)
Emerson Electric Co.		(2,050	)		(131,323	)
Electronic Equipment, Instruments & Components (0.3%)
Hirose Electric Co. Ltd.		(100	)		(12,028	)
Japan Display, Inc.		(2,900	)		(8,210	)*
Kyocera Corp.		(500	)		(22,457	)

See Notes to Schedule of Investments

	Number of Shares			Value†
Ryosan Co. Ltd.		(200	)	$	(4,138	)
Taiyo Yuden Co. Ltd.		(2,100	)		(20,883	)
Yaskawa Electric Corp.		(1,600	)		(19,999	)
					(87,715	)
Food & Staples Retailing (0.6%)
The SPAR Group Ltd.		(3,011	)		(35,213	)
United Natural Foods, Inc.		(1,475	)		(100,329	)*
Whole Foods Market, Inc.		(1,100	)		(43,263	)
					(178,805	)
Food Products (0.4%)
Ezaki Glico Co. Ltd.		(200	)		(6,357	)
House Foods Group, Inc.		(500	)		(8,511	)
Ingredion, Inc.		(900	)		(69,525	)
Kewpie Corp.		(700	)		(11,959	)
Tiger Brands Ltd.		(1,279	)		(38,453	)
					(134,805	)
Gas Utilities (0.4%)
AGL Resources, Inc.		(505	)		(27,224	)
Northwest Natural Gas Co.		(1,411	)		(66,218	)
Piedmont Natural Gas Co., Inc.		(693	)		(26,341	)
Southwest Gas Corp.		(375	)		(21,784	)
					(141,567	)
Health Care Equipment & Supplies (0.7%)
Haemonetics Corp.		(2,450	)		(92,414	)*
Halyard Health, Inc.		(2,800	)		(106,316	)*
Sysmex Corp.		(600	)		(25,186	)
					(223,916	)

	Number of Shares			Value†
Hotels, Restaurants & Leisure (0.7%)
Hilton Worldwide Holdings, Inc.		(2,291	)	$	(57,825	)*
Marriott International, Inc. Class A		(1,658	)		(125,594	)
Starwood Hotels & Resorts Worldwide, Inc.		(693	)		(53,125	)
					(236,544	)
Household Durables (0.1%)
Nikon Corp.		(1,700	)		(22,732	)
Household Products (0.3%)
The Clorox Co.		(1,100	)		(109,450	)
Insurance (0.1%)
Montpelier Re Holdings Ltd.		(1,350	)		(44,739	)
IT Services (0.5%)
International Business Machines Corp.		(670	)		(110,148	)
Unisys Corp.		(1,800	)		(46,152	)*
					(156,300	)
Machinery (2.6%)
AGCO Corp.		(1,600	)		(70,896	)
Caterpillar, Inc.		(400	)		(40,564	)
Colfax Corp.		(1,950	)		(106,041	)*
Deere & Co.		(1,861	)		(159,190	)
Hitachi Construction Machinery Co. Ltd.		(1,700	)		(33,826	)
Joy Global, Inc.		(1,200	)		(63,156	)
Kone OYJ Class B		(3,538	)		(152,074	)
Kubota Corp.		(1,000	)		(15,469	)
Parker Hannifin Corp.		(700	)		(88,921	)
SPX Corp.		(1,075	)		(101,899	)
					(832,036	)
Media (1.7%)
Discovery Communications, Inc. Class A		(3,350	)		(118,423	)*
Hakuhodo DY Holdings, Inc.		(5,000	)		(48,564	)

	Number of Shares			Value†
The Walt Disney Co.		(800	)	$	(73,104	)
Tribune Media Co. Class A		(1,900	)		(127,300	)*
Twenty-First Century Fox, Inc. Class A		(3,600	)		(124,128	)
Viacom, Inc. Class B		(550	)		(39,974	)
					(531,493	)
Metals & Mining (0.3%)
ArcelorMittal		(6,700	)		(88,172	)
Multiline Retail (0.2%)
Kohl's Corp.		(1,450	)		(78,619	)
Multi-Utilities (3.0%)
Alliant Energy Corp.		(804	)		(49,776	)
Ameren Corp.		(992	)		(42,001	)
Avista Corp.		(3,652	)		(129,463	)
Consolidated Edison, Inc.		(3,273	)		(207,377	)
DTE Energy Co.		(1,368	)		(112,395	)
NorthWestern Corp.		(748	)		(39,524	)
PG&E Corp.		(955	)		(48,056	)
Public Service Enterprise Group, Inc.		(2,680	)		(110,711	)
SCANA Corp.		(1,691	)		(92,819	)
Wisconsin Energy Corp.		(2,284	)		(113,424	)
					(945,546	)
Oil, Gas & Consumable Fuels (0.7%)
ONEOK, Inc.		(517	)		(30,472	)
Spectra Energy Corp.		(5,050	)		(197,606	)
					(228,078	)
Personal Products (0.2%)
The Estee Lauder Cos., Inc. Class A		(660	)		(49,619	)
Road & Rail (0.5%)
Canadian National Railway Co.		(1,225	)		(86,460	)
Union Pacific Corp.		(500	)		(58,225	)
					(144,685	)
Semiconductors & Semiconductor Equipment (0.8%)
Analog Devices, Inc.		(500	)		(24,810	)
ASM International NV		(1,086	)		(43,441	)

See Notes to Schedule of Investments

	Number of Shares			Value†
Avago Technologies Ltd.		(300	)	$	(25,875	)
Marvell Technology Group Ltd.		(1,900	)		(25,536	)
NVIDIA Corp.		(2,000	)		(39,080	)
PMC-Sierra, Inc.		(11,500	)		(89,585	)*
Rohm Co. Ltd.		(200	)		(11,876	)
					(260,203	)
Specialty Retail (1.1%)
Chico's FAS, Inc.		(14,100	)		(212,627	)
Hennes & Mauritz AB Class B		(3,119	)		(124,056	)
					(336,683	)
Technology Hardware, Storage & Peripherals (0.6%)
Canon, Inc.		(1,500	)		(45,257	)
Seagate Technology PLC		(2,372	)		(149,033	)
					(194,290	)
Textiles, Apparel & Luxury Goods (0.2%)
Kate Spade & Co.		(3,200	)		(86,816	)*
Total Common Stocks Sold Short (Proceeds $(7,021,994))					(7,183,182	)
Exchange Traded Funds Sold Short (6.8%)^£ØØ
iShares Nasdaq Biotechnology ETF		(587	)		(174,116	)
SPDR S&P 500 ETF Trust		(5,337	)		(1,076,260	)
Utilities Select Sector SPDR Fund		(15,057	)		(684,642	)
Vanguard REIT ETF		(2,906	)		(229,545	)
Total Exchange Traded Funds Sold Short (Proceeds $(2,012,107))					(2,164,563	)
Total Short Positions (Proceeds $(9,034,101))					(9,347,745	)

See Notes to Schedule of Investments

Notes to Schedule of Investments

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

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

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

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

• Level 3 – unobservable inputs (including a Fund's own assumptions in determining the fair value of investments)

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

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

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

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

See Notes to Financial Statements

Notes to Schedule of Investments (cont'd)

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

U.S. Treasury Securities. Inputs used to value U.S. Treasury securities generally include quotes from several inter-dealer brokers 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.

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

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

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

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

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

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

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

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

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

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

See Notes to Financial Statements

Notes to Schedule of Investments (cont'd)

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

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

The following is a summary, categorized by Level, of inputs used to value the Funds' investments as of October 31, 2014:

Asset Valuation Inputs
	Level 1		Level 2		Level 3^§		Total
Absolute Return Multi-Manager
Investments:
Common Stocks
Airlines	$	915,836	$	35,814	$	—	$	951,650
Biotechnology		3,854,563		3,505		—		3,858,068
Health Care Equipment & Supplies		31,710,325		16,100		—		31,726,425
Internet Software & Services		28,429,066		1,251,638		—		29,680,704
Media		131,626,434		—		750		131,627,184
Pharmaceuticals		74,744,746		14,655		—		74,759,401
Wireless Telecommunication Services		6,729,738		151,200		—		6,880,938
Other Common Stocks^		686,622,949		—		—		686,622,949
Total Common Stocks		964,633,657		1,472,912		750		966,107,319
Preferred Stocks^		6,019,966		—		—		6,019,966
Exchange Traded Funds		11,062,611		—		—		11,062,611
Rights^		971		—		—		971
Warrants
Media		—		125,759		—		125,759
Other Warrants^		549,588		—		—		549,588
Total Warrants		549,588		125,759		—		675,347

See Notes to Financial Statements

Notes to Schedule of Investments (cont'd)

Asset Valuation Inputs
	Level 1		Level 2		Level 3^§		Total
Mortgage-Backed Securities^	$	—	$	79,314,880	$	—	$	79,314,880
Asset-Backed Securities		—		43,454,301		—		43,454,301
Corporate Debt Securities
Diversified Financial Services		—		1,122,556		2,304,120		3,426,676
Other Corporate Debt Securities^		—		62,688,249		—		62,688,249
Total Corporate Debt Securities		—		63,810,805		2,304,120		66,114,925
Bank Loan Obligations
Advertising		—		4,545,444		7,302,863		11,848,307
Commercial Services & Supplies		—		11,485,141		1,730,212		13,215,353
Electrical Components & Equipment		—		—		663,300		663,300
Health Care Providers & Services		—		5,668,023		179,144		5,847,167
Hotels, Restaurants & Leisure		—		23,740,847		494,518		24,235,365
Insurance		—		6,802,986		1,000,000		7,802,986
Media		—		15,399,535		3,207,931		18,607,466
Oil & Gas Services		—		1,896,642		970,900		2,867,542
Oil, Gas & Consumable Fuels		—		1,317,304		35,276		1,352,580
Personal Products		—		—		940,275		940,275
Pharmaceuticals		—		1,659,646		2,160,956		3,820,602
Software		—		7,305,309		4,620,490		11,925,799
Other Bank Loan Obligations^		—		66,466,647		—		66,466,647
Total Bank Loan Obligations		—		146,287,524		23,305,865		169,593,389
Municipal Notes		—		17,031,805		—		17,031,805
Purchased Options		6,374,496		94,379		—		6,468,875
Short-Term Investments		—		290,553,880		—		290,553,880
Total Long Positions	$	988,641,289	$	642,146,245	$	25,610,735	$	1,656,398,269
Long Short Multi-Manager
Investments:
Common Stocks^		21,817,914		—		—		21,817,914
Preferred Stocks^		266,285		—		—		266,285
Exchange Traded Funds		561,365		—		—		561,365
Short-Term Investments		—		8,883,656		—		8,883,656
Total Long Positions	$	22,645,564	$	8,883,656	$	—	$	31,529,220

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

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

See Notes to Financial Statements

Notes to Schedule of Investments (cont'd)

	Beginning balance as of 11/1/13		Accrued discounts/ (premiums)			Realized gain/loss and change in unrealized appreciation/ (depreciation)			Purchases		Sales			Transfers in to Level 3		Transfers out of Level 3			Balance as of 10/31/14		Net change in unrealized appreciation/ (depreciation) from investments still held as of 10/31/14
Investments in Securities:
Common Stock
Media	$	750	$	—		$	—		$	—	$	—		$	—	$	—		$	750	$	—
Commercial Mortgage-Backed Securities		496,719		—			—			—		—			—		(496,719	)		—		—
Corporate Debt Security		—		4,669			10,101			2,289,350		—			—		—			2,304,120		10,101
Bank Loan Obligation
Advertising		—		1,242			29,500			7,968,313		(696,192	)		—		—			7,302,863		11,160
Aerospace & Defense		503,750		155			2,326			—		(506,231	)		—		—			—		—
Chemicals		87,000		179			1,542			—		(88,721	)		—		—			—		—
Commercial Services & Supplies		500,000		(2	)		50,172			1,683,763		(503,721	)		—		—			1,730,212		46,449
Electrical Components & Equipment		—		262			(1,949	)		664,987		—			—		—			663,300		(1,949	)
Energy Equipment & Services		151,414		—			—			—		—			—		(151,414	)		—		—
Health Care Providers & Services		—		1,971			(423	)		—		(9,568	)		187,164		—			179,144		(864	)
Health Care Technology		435,000		992			67,739			—		(503,731	)		—		—			—		—
Hotels, Restaurants & Leisure		—		133			1,104			494,524		(1,243	)		—		—			494,518		1,098
Insurance		—		(348	)		(2,152	)		1,002,500		—			—		—			1,000,000		(2,152	)
Internet Software & Services		1,467,180		—			—			—		—			—		(1,467,180	)		—		—
Media		—		4,950			8,653			3,211,891		(17,563	)		—		—			3,207,931		8,347
Oil & Gas Services		—		206			(41,096	)		1,011,790		—			—		—			970,900		(41,096	)

See Notes to Financial Statements

Notes to Schedule of Investments (cont'd)

	Beginning balance as of 11/1/13		Accrued discounts/ (premiums)		Realized gain/loss and change in unrealized appreciation/ (depreciation)			Purchases		Sales			Transfers in to Level 3		Transfers out of Level 3			Balance as of 10/31/14		Net change in unrealized appreciation/ (depreciation) from investments still held as of 10/31/14
Oil, Gas & Consumable Fuels	$	44,100	$	241	$	1,033		$	—	$	(10,098	)	$	—	$	—		$	35,276	$	501
Personal Products		—		987		8,463			935,550		(4,725	)		—		—			940,275		8,419
Pharmaceuticals		—		1,958		4,761			2,160,641		(562,404	)		556,000		—			2,160,956		(4,667	)
Software		2,244,500		2,370		(35,885	)		4,042,665		(630,660	)		—		(1,002,500	)		4,620,490		(29,105	)
Total	$	5,930,413	$	19,965	$	103,889		$	25,465,974	$	(3,534,857	)	$	743,164	$	(3,117,813	)	$	25,610,735	$	6,242

As of the year ended October 31, 2014, certain securities were transferred from one level to another based on beginning of period market values as of November 1, 2013. $743,164 was transferred from Level 2 to Level 3 for Absolute Return Multi-Manager as a result of a decrease in the number of observable quotations that were readily available to the independent pricing service. In addition, $3,117,813 was transferred from Level 3 to Level 2 for Absolute Return Multi-Manager as a result of an increase in the number of observable inputs that were readily available to the independent pricing service.

The following is a summary, categorized by Level, of inputs used to value the Funds' derivatives as of October 31, 2014:

Asset Valuation Inputs
	Level 1		Level 2		Level 3		Total
Absolute Return Multi-Manager
Forward contracts (unrealized appreciation)	$	—	$	11,190,816	$	—	$	11,190,816
Credit default swaps		—		1,576,132		—		1,576,132
Total	$	—	$	12,766,948	$	—	$	12,766,948
Long Short Multi-Manager
Forward contracts (unrealized appreciation)	$	—	$	448,447	$	—	$	448,447
Equity swaps		—		43,238		—		43,238
Total	$	—	$	491,685	$	—	$	491,685

See Notes to Financial Statements

Notes to Schedule of Investments (cont'd)

The following is a summary, categorized by Level, of inputs used to value the Funds' investments as of October 31, 2014:

Liability Valuation Inputs
	Level 1			Level 2			Level 3		Total
Absolute Return Multi-Manager
Investments:
Common Stocks Sold Short
Media	$	(21,012,884	)	$	(40,320	)	$	—	$	(21,053,204	)
Other Common Stocks Sold Short^		(161,181,053	)		—			—		(161,181,053	)
Total Common Stocks Sold Short		(182,193,937	)		(40,320	)		—		(182,234,257	)
Exchange Traded Funds Sold Short		(177,361,105	)		—			—		(177,361,105	)
Corporate Debt Securities Sold Short^		—			(5,916,248	)		—		(5,916,248	)
Total Short Positions	$	(359,555,042	)	$	(5,956,568	)	$	—	$	(365,511,610	)
Long Short Multi-Manager
Investments:
Common Stocks Sold Short^	$	(7,183,182	)	$	—		$	—	$	(7,183,182	)
Exchange Traded Funds Sold Short		(2,164,563	)		—			—		(2,164,563	)
Total Short Positions	$	(9,347,745	)	$	—		$	—	$	(9,347,745	)

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

The following is a summary, categorized by Level, of inputs used to value the Funds' derivatives as of October 31, 2014:

Liability Valuation Inputs
	Level 1			Level 2			Level 3		Total
Absolute Return Multi-Manager
Forward contracts (unrealized depreciation)	$	—		$	(2,237,230	)	$	—	$	(2,237,230	)
Equity swaps		—			(4,771,290	)		—		(4,771,290	)
Futures contracts (unrealized depreciation)		(38,769	)		—			—		(38,769	)
Credit default swaps		—			(338,661	)		—		(338,661	)
Total return swaps		—			(170,159	)		—		(170,159	)
Options written		(2,212,746	)		(26,930	)		—		(2,239,676	)
Total	$	(2,251,515	)	$	(7,544,270	)	$	—	$	(9,795,785	)
Long Short Multi-Manager
Forward contracts (unrealized depreciation)	$	—		$	(114,315	)	$	—	$	(114,315	)
Total return swaps		—			(58,528	)		—		(58,528	)
Total	$	—		$	(172,843	)	$	—	$	(172,843	)

See Notes to Financial Statements

Notes to Schedule of Investments (cont'd)

## At October 31, 2014, selected fund information on a U.S. federal income tax basis was as follows:

	Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Absolute Return Multi-Manager	$	1,665,844,398	$	40,599,408	$	50,045,537	$	(9,446,129	)
Long Short Multi-Manager		30,945,209		1,245,438		661,427		584,011

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

^^ All or a portion of this security has not settled as of October 31, 2014 and thus may not have an interest rate in effect. Interest rates do not take effect until settlement.

± At October 31, 2014, Absolute Return Multi-Manager had outstanding call and put options written as follows:

Name of Issuer	Contracts		Exercise Price		Expiration Date	Market Value of Options
Allergan, Inc., Call		87	$	180	November 2014	$	(114,840	)
Allergan, Inc., Call		42		190	November 2014		(25,368	)
Allergan, Inc., Call		43		175	December 2014		(84,710	)
Allergan, Inc., Call		21		180	December 2014		(32,130	)
Ally Financial, Inc., Call		44		22	November 2014		(4,928	)
Ally Financial, Inc., Call		45		22	December 2014		(5,400	)
Ally Financial, Inc., Call		49		22.5	December 2014		(4,410	)
AMC Networks, Inc., Call		111		55	December 2014		(66,600	)
AMC Networks, Inc., Call		111		70	December 2014		(5,550	)^f
American Airlines Group, Inc., Call		127		40	December 2014		(41,910	)
AstraZeneca PLC, Call		315		90	January 2015		(11,025	)
AstraZeneca PLC, Put		315		65	January 2015		(23,625	)
AT&T, Inc., Call		5,952		40	June 2015		(59,520	)
AT&T, Inc., Put		6,180		25	June 2015		(123,600	)
Boulder Brands, Inc., Put		89		7.5	December 2014		(1,780	)
Compuware Corp., Call		765		11	February 2015		(11,475	)^f
Conversant, Inc., Call		54		35	November 2014		(3,240	)
Conversant, Inc., Call		273		35	December 2014		(19,110	)
Covidien PLC, Put		196		72.5	January 2015		(24,500	)
DISH Network Corp., Call		53		60	November 2014		(27,560	)
Dresser-Rand Group, Inc., Call		205		85	November 2014		(1,025	)^f
eBay, Inc., Call		106		52.5	December 2014		(18,974	)
General Motors Co., Call		102		30	November 2014		(15,912	)
Globalstar, Inc., Call		2,132		5	April 2015		(21,320	)
Globalstar, Inc., Call		159		6	April 2015		(795	)
Groupon, Inc., Call		133		6	November 2014		(18,221	)
Groupon, Inc., Call		133		6.5	November 2014		(12,236	)
International Game Technology, Call		82		17	November 2014		(1,230	)
International Game Technology, Call		73		18	January 2015		(1,825	)
iShares Russell 2000 ETF, Put		1,325		85	March 2015		(62,275	)
Mead Johnson Nutrition Co., Call		32		95	December 2014		(20,960	)
Mead Johnson Nutrition Co., Call		31		105	December 2014		(8,215	)

See Notes to Financial Statements

Notes to Schedule of Investments (cont'd)

Name of Issuer	Contracts		Exercise Price		Expiration Date	Market Value of Options
Pfizer, Inc., Call		53	$	30	December 2014	$	(2,385	)
RealD, Inc., Call		597		10	November 2014		(65,670	)
RR Donnelley & Sons Co., Call		89		17	December 2014		(8,010	)
S&P 500 Index, Call		23		1,900	November 2014		(266,110	)
Salix Pharmaceuticals Ltd., Call		53		120	November 2014		(124,020	)
Salix Pharmaceuticals Ltd., Call		31		125	November 2014		(60,450	)
Salix Pharmaceuticals Ltd., Call		84		175	November 2014		(11,340	)
Shutterfly, Inc., Call		341		45	November 2014		(17,050	)
Smith & Nephew PLC, Call		22		32	November 2014		(10,450	)
SPDR S&P 500 ETF Trust, Put		5,000		180	December 2014		(350,000	)
SPDR S&P 500 ETF Trust, Put		2,000		178	February 2015		(304,000	)
SPDR S&P 500 ETF Trust, Put		708		160	March 2015		(70,800	)
Star Buffet, Inc., Call		222		35	December 2014		(8,880	)^f
The Brink's Co., Call		115		22.5	December 2014		(575	)
T-Mobile US, Inc., Call		413		28	November 2014		(65,667	)
Total						$	(2,239,676	)

≠ Security had an event of default.

¢ All or a portion of this security was purchased on a delayed delivery basis.

£ At October 31, 2014, Absolute Return Multi-Manager had pledged securities in the amount of $76,493,351 to cover collateral requirements for borrowing in connection with securities sold short and option contracts written. At October 31, 2014, Long Short Multi-Manager had pledged securities in the amount of $1,630,442 to cover collateral requirements for borrowing in connection with securities sold short.

a Step Bond: Coupon rate is a fixed rate for an initial period then resets at a specified date and rate.

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

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

ñ Securities were purchased or sold short under Rule 144A of the Securities Act of 1933, as amended (the "1933 Act"), or are private placements and, unless registered under the 1933 Act or exempted from registration, may only be sold to qualified institutional investors. These securities have been deemed by the investment manager to be liquid. At October 31, 2014, these securities amounted to $81,788,907 of long positions and $(352,909) of short positions, or 5.0% and (0.0%), respectively, of net assets for Absolute Return Multi-Manager.

N These securities have been deemed by the investment manager to be illiquid. At October 31, 2014, these securities amounted to $8,092,067 or 0.5% of net assets for Absolute Return Multi-Manager.

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

ØØ At October 31, 2014, Absolute Return Multi-Manager had deposited $362,825,084 in one or more accounts to satisfy collateral requirements for borrowing in connection with securities sold short. At October 31, 2014, Long Short Multi-Manager had deposited $9,080,875 in one or more accounts to satisfy collateral requirements for

See Notes to Financial Statements

Notes to Schedule of Investments (cont'd)

borrowing in connection with securities sold short. In addition, Absolute Return Multi-Manager had deposited $23,994,162 in a segregated account for forward foreign currency contracts, futures and/or swaps.

µ Floating rate securities are securities whose yields vary with a designated market index or market rate. These securities are shown at their current rates as of October 31, 2014 and their final maturities.

†† As of October 31, 2014, Absolute Return Multi-Manager's value of unfunded loan commitments was $251,240 pursuant to the following loan agreement:

Borrower	Principal Amount		Value
The SI Organization, Inc., Delayed Draw 1st Lien Term Loan, due 11/23/19	$	190,108	$	189,811
York Risk Services Group, Inc., Delayed Draw Term Loan, Due 10/1/21		61,854		61,429

††† See Note A-13 in the Notes to Financial Statements for the Funds' open positions in derivatives at October 31, 2014.

See Notes to Financial Statements

Statements of Assets and Liabilities

Neuberger Berman Alternative Funds

	ABSOLUTE RETURN MULTI-MANAGER FUND			LONG SHORT MULTI-MANAGER FUND
	October 31, 2014			October 31, 2014
Assets
Investments in securities, at value* (Note A)—see Schedule of Investments:
Unaffiliated issuers	$	1,656,398,269		$	31,529,220
Due from Custodian		1,441,901			—
Foreign currency*		7,837,859			692,457
Deposit with broker for short sales (Note A-11)		362,825,084			9,080,875
Deposits with broker for swaps, futures and forward foreign currency contracts (Note A-13)		23,994,162			—
Dividends and interest receivable		3,955,897			37,307
Foreign tax reclaims		58,305			1,230
Receivable for securities sold		77,994,160			1,811,540
Receivable for Fund shares sold		5,515,682			—
Receivable from administrator—net (Note B)		—			1,824
Swaps, at value (Note A-13)		1,576,132			43,238
Receivable for variation margin (Note A-13)		1,916			—
Receivable for open forward foreign currency contracts (Note A-13)		11,190,816			448,447
Prepaid expenses and other assets		79,899			30,610
Total Assets		2,152,870,082			43,676,748
Liabilities
Investments sold short, at value** (Note A)		365,511,610			9,347,745
Option contracts written, at value*** (Note A)		2,239,676			—
Due to Custodian		23,292,234			285,813
Dividends and interest payable for short sales		852,777			16,055
Swaps, at value (Note A-13)		5,280,110			58,528
Payable to administrator—net (Note B)		249,088			—
Payable to investment manager—net (Note B)		2,282,433			44,623
Payable for securities purchased		98,518,512			1,704,332
Payable for Fund shares redeemed		6,558,464			25,938
Payable for open forward foreign currency contracts (Note A-13)		2,237,230			114,315
Accrued expenses and other payables		535,301			142,408
Total Liabilities		507,557,435			11,739,757
Net Assets	$	1,645,312,647		$	31,936,991
Net Assets consist of:
Paid-in capital	$	1,639,244,821		$	31,503,986
Undistributed net investment income (loss)		(3,573,831	)		(266,354	)
Accumulated net realized gains (losses) on investments		13,252,375			94,609
Net unrealized appreciation (depreciation) in value of investments		(3,610,718	)		604,750
Net Assets	$	1,645,312,647		$	31,936,991
Net Assets
Institutional Class	$	1,275,342,746		$	30,819,967
Class A		242,240,138			866,869
Class C		95,270,772			250,155
Class R6		32,458,991			—

See Notes to Financial Statements

Statements of Assets and Liabilities (cont'd)

Neuberger Berman Alternative Funds (cont'd)

	ABSOLUTE RETURN MULTI-MANAGER FUND		LONG SHORT MULTI-MANAGER FUND
	October 31, 2014		October 31, 2014
Shares Outstanding ($.001 par value; unlimited shares authorized)
Institutional Class		115,917,241		2,966,503
Class A		22,178,025		83,686
Class C		8,884,244		24,307
Class R6		2,947,803		—
Net Asset Value, offering and redemption price per share
Institutional Class	$	11.00	$	10.39
Class R6	$	11.01	$	—
Net Asset Value and redemption price per share
Class A	$	10.92	$	10.36
Offering Price per share
Class A‡	$	11.59	$	10.99
Net Asset Value and offering price per share
Class C^	$	10.72	$	10.29
*Cost of Investments:
Unaffiliated issuers	$	1,653,311,904	$	30,891,833
Total cost of foreign currency	$	8,895,035	$	729,543
**Proceeds from investments sold short	$	354,946,307	$	9,034,101
***Premium received from option contracts written	$	3,120,532	$	—

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

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

See Notes to Financial Statements

Statements of Operations

Neuberger Berman Alternative Funds

	ABSOLUTE RETURN MULTI-MANAGER FUND			LONG SHORT MULTI-MANAGER FUND
	October 31, 2014			For the Period from December 19, 2013 (Commencement of Operations) to October 31, 2014
Investment Income:
Income (Note A):
Dividend income—unaffiliated issuers	$	18,656,034		$	266,549
Interest income—unaffiliated issuers		12,116,288			—
Foreign taxes withheld (Note A-6)		(365,472	)		(9,025	)
Total income	$	30,406,850		$	257,524
Expenses:
Investment management fees (Note B)		20,310,374			318,620
Administration fees (Note B)		739,587			11,245
Administration fees (Note B):
Institutional Class		774,350			16,324
Class A		571,172			928
Class C		135,431			281
Class R6		3,800			—
Distribution fees (Note B):
Class A		713,957			1,160
Class C		677,153			1,405
Shareholder servicing agent fees:
Institutional Class		74,502			2,974
Class A		72,171			1,809
Class C		16,858			1,623
Class R6		2,775			—
Organization expense (Note A-8)		—			108,561
Audit fees		124,457			40,000
Custodian and accounting fees (Note A)		752,447			104,095
Legal fees		267,616			122,902
Registration and filing fees		182,091			39,158
Shareholder reports		177,093			20,000
Trustees' fees and expenses		31,361			33,000
Short sales expense (Note A-11)		2,319,454			39,561
Dividend expense on securities sold short (Note A-11)		6,267,661			110,913
Miscellaneous		104,595			2,572
Total expenses		34,318,905			977,131
Expenses reimbursed by Management (Note B)		(1,165,578	)		(479,386	)
Expenses reduced by custodian fee expense offset arrangement (Note A-15)		(438	)		—
Total net expenses		33,152,889			497,745
Net investment income (loss)	$	(2,746,039	)	$	(240,221	)

See Notes to Financial Statements

Statements of Operations (cont'd)

Neuberger Berman Alternative Funds (cont'd)

	ABSOLUTE RETURN MULTI-MANAGER FUND			LONG SHORT MULTI-MANAGER FUND
	October 31, 2014			For the Period from December 19, 2013 (Commencement of Operations) to October 31, 2014
Realized and Unrealized Gain (Loss) on Investments (Note A):
Net realized gain (loss) on:
Sales of investment securities of unaffiliated issuers		12,384,419			153,958
Sales of investment securities of unaffiliated issuers sold short		(9,453,567	)		(13,868	)
Forward foreign currency contracts		380,626			62,647
Foreign currency		(1,705,901	)		(126,820	)
Option contracts written		11,490,422			1,219
Swap contracts		1,424,980			(9,077	)
Change in net unrealized appreciation (depreciation) in value of:
Unaffiliated investment securities		(3,495,298	)		637,387
Unaffiliated investment securities sold short		(8,046,471	)		(313,644	)
Forward foreign currency contracts		9,108,611			334,132
Foreign currency		(907,777	)		(38,600	)
Financial futures contracts		(38,769	)		—
Option contracts written		(429,887	)		—
Swap contracts		(5,050,337	)		(14,525	)
Net gain (loss) on investments		5,661,051			672,809
Net increase (decrease) in net assets resulting from operations	$	2,915,012		$	432,588

See Notes to Financial Statements

Statements of Changes in Net Assets

Neuberger Berman Alternative Funds

	ABSOLUTE RETURN MULTI-MANAGER FUND						LONG SHORT MULTI-MANAGER FUND
	For the Year Ended October 31, 2014			For the Year Ended October 31, 2013			Period from December 19, 2013 (Commencement of Operations) to October 31, 2014
Increase (Decrease) in Net Assets:
From Operations (Note A):
Net investment income (loss)	$	(2,746,039	)	$	(983,344	)	$	(240,221	)
Net realized gain (loss) on investments		14,520,979			3,724,030			68,059
Change in net unrealized appreciation (depreciation) of investments		(8,859,928	)		5,099,906			604,750
Net increase (decrease) in net assets resulting from operations		2,915,012			7,840,592			432,588
Distributions to shareholders from (Note A):
Net investment income
Institutional Class		—			(58,599	)		—
Net realized gain on investments:
Institutional Class		(2,978,909	)		(119,803	)		—
Class A		(1,210,727	)		(12,381	)		—
Class C		(239,295	)		(2,073	)		—
Total distributions to shareholders		(4,428,931	)		(192,856	)		—
From Fund Share Transactions (Note D):
Proceeds from shares sold:
Institutional Class		1,255,772,758			308,138,341			31,805,466
Class A		410,998,109			124,995,179			1,304,866
Class C		82,073,906			21,030,909			263,695
Class R6		39,264,828			—			—
Proceeds from reinvestment of dividends and distributions:
Institutional Class		2,604,571			172,922			—
Class A		1,098,266			9,064			—
Class C		179,005			1,988			—
Payments for shares redeemed:
Institutional Class		(305,059,216	)		(22,848,165	)		(1,405,540	)
Class A		(296,348,593	)		(3,847,011	)		(445,888	)
Class C		(7,428,396	)		(214,708	)		(18,196	)
Class R6		(6,625,000	)		—			—
Net increase (decrease) from Fund share transactions		1,176,530,238			427,438,519			31,504,403
Net Increase (Decrease) in Net Assets		1,175,016,319			435,086,255			31,936,991
Net Assets:
Beginning of period		470,296,328			35,210,073			—
End of period	$	1,645,312,647		$	470,296,328		$	31,936,991
Undistributed net investment income (loss) at end of period		(3,573,831	)		25,564			(266,354	)

See Notes to Financial Statements

Notes to Financial Statements Alternative and
Multi-Asset Class Funds

Note A—Summary of Significant Accounting Policies:

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

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

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

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

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

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

5 Income tax information: Each Fund is treated as a separate entity for U.S. federal income tax purposes. It is the policy of Absolute Return Multi-Manager to continue to, and the intention of Long Short Multi-Manager to, qualify for treatment as regulated investment companies by complying with the requirements of the U.S. Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its net investment income and net realized capital gains to its shareholders. To the extent a Fund distributes substantially all of its net investment income and net realized capital gains to shareholders, no federal income or excise tax provision is required.

The Funds have adopted the provisions of ASC 740 "Income Taxes" ("ASC 740"). ASC 740 sets forth a minimum threshold for financial statement recognition of a tax position taken, or expected to be taken, in a tax return. The Funds recognize interest and penalties, if any, related to unrecognized tax positions as an income tax expense in the Statements of Operations. The Funds are subject to examination by U.S. federal and state tax authorities for returns filed for the tax years for which the applicable statutes of limitations have not yet expired. As of October 31, 2014, the Funds did not have any unrecognized tax positions.

As determined on October 31, 2014, permanent differences resulting primarily from different book and tax accounting were reclassified at year end. Such differences may be attributed to the tax treatment of one or more of the following: netting of net ordinary losses with short-term capital gains, income recognized on swap transactions, non-deductible stock issuance costs, the tax treatment of foreign currency gains and losses, payments in lieu of dividends on short sales and gains from passive foreign investment companies. These reclassifications had no effect on net income, net asset value ("NAV") or NAV per share of each Fund. For the year ended October 31, 2014, the Funds recorded the following permanent reclassifications:

	Paid-in Capital			Undistributed Net Investment Income (Loss)			Accumulated Net Realized Gains (Losses) on Investments
Absolute Return Multi-Manager	$	84,246		$	(853,356	)	$	769,110
Long Short Multi-Manager		(417	)		(26,133	)		26,550

For tax purposes, distributions of short-term gains are taxable to shareholders as ordinary income.

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

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

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

As of October 31, 2014, the components of distributable earnings (accumulated losses) on a U.S. federal income tax basis were as follows:

	Undistributed Ordinary Income		Undistributed Long-Term Gain		Unrealized Appreciation (Depreciation)			Loss Carryforwards and Deferrals		Other Temporary Differences			Total
Absolute Return Multi-Manager	$	37,448,192	$	—	$	(26,844,450	)	$	—	$	(4,535,916	)	$	6,067,826
Long Short Multi-Manager		281,920		—		224,305			—		(73,220	)		433,005

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

To the extent each Fund's net realized capital gains, if any, can be offset by capital loss carryforwards, if any, it is the policy of each Fund not to distribute such gains.

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

7 Distributions to shareholders: Each Fund may earn income, net of expenses, daily on its investments. Distributions from net investment income and net realized capital gains, if any, generally are distributed once a year (usually in December) and are recorded on the ex-date.

8 Organization expenses: Costs incurred by Long Short Multi-Manager in connection with its organization, which amounted to $108,561, and are reflected in Organization expense in the Statements of Operations, have been expensed as incurred.

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

11 Securities sold short: Each Fund may engage in short sales, which are sales of securities which have been borrowed from a third party on the expectation that the market price will decline. If the price of the securities decreases, a Fund will make a profit by purchasing the securities in the open market at a price lower than the one at which it sold the securities. If the price of the securities increases, a Fund may have to cover its short positions at a price higher than the short sale price, resulting in a loss. Gains are limited to the price at which a Fund sold the security short, while losses are potentially unlimited in size. The Funds pledge securities and/or other assets to the lender as collateral. Proceeds received from short sales may be maintained by the lender as collateral. Proceeds maintained by the lender are included in the "Deposits with brokers for short sales" on the Statements of Assets and Liabilities. The Funds are required to segregate an amount of cash, cash equivalents or other appropriate liquid marketable securities with the custodian in an amount at least equal to the current market value of the securities sold short (less any additional collateral held by the lender). The Funds are contractually responsible to the lender for any dividends payable and interest accrued on securities while those securities are in a short position. These dividends and interest are recorded as an expense of the Funds and are excluded from the contractual expense limitation. As of October 31, 2014, Absolute Return Multi-Manager and Long Short Multi-Manager had pledged

cash in the amount of $362,825,084 and $9,080,875, respectively, to J.P. Morgan Chase Bank, N.A. ("JPM"), as collateral for short sales. At October 31, 2014, Absolute Return Multi-Manager and Long Short Multi-Manager had pledged securities in the amount of $76,493,351 and $1,630,442, respectively, to cover collateral requirements for borrowing in connection with securities sold short.

12 Investment company securities and exchange-traded funds: The Funds may invest in shares of other registered investment companies, including exchange-traded funds ("ETFs"), within the limitations prescribed by the 1940 Act. Some ETFs seek to track the performance of a particular market index. These indices include both broad-based market indices and more narrowly-based indices, including those relating to particular sectors, markets, regions or industries. However, some ETFs have actively-managed investment objectives. ETF shares are traded like traditional equity securities on a national securities exchange or NASDAQ. A Fund will indirectly bear its proportionate share of any management fees and other expenses paid by such other investment companies, which will increase expenses and decrease returns.

13 Derivative instruments: During the year ended October 31, 2014, the Funds' use of derivatives, as described below, was limited to credit default swap contracts, financial futures contracts, equity swaps, total return swaps, forward foreign currency contracts, written option transactions and purchased option transactions. The Funds have adopted the provisions of ASC 815 "Derivatives and Hedging" ("ASC 815"). The disclosure requirements of ASC 815 distinguish between derivatives that qualify for hedge accounting and those that do not. Because investment companies value their derivatives at fair value and recognize changes in fair value through the Statements of Operations, they do not qualify for hedge accounting. Accordingly, even though a Fund's investments in derivatives may represent economic hedges, they are considered non-hedge transactions for purposes of this disclosure.

Credit default swap contracts: During the year ended October 31, 2014, Absolute Return Multi-Manager entered into credit default swaps as part of its investment strategies, to hedge against unfavorable changes in the value of investments and to protect against adverse movements in interest rates or credit performance with counterparties. When a Fund is the buyer of a credit default swap contract, it is entitled to receive the par (or other agreed-upon) value of a referenced debt obligation (or basket of debt obligations) from the counterparty if a credit event occurs. In return, the Fund pays the counterparty a periodic stream of payments over the term of the contract provided that no credit event has occurred. If no credit event occurs, the Fund would have spent the stream of payments and received no proceeds from the contract. When a Fund is the seller of a credit default swap contract, it receives the stream of payments, but is obligated to pay to the buyer of the protection an amount up to the notional amount of the swap and in certain instances take delivery of securities of the reference entity upon the occurrence of a credit event, as defined under the terms of that particular swap agreement. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring, obligation acceleration and repudiation/moratorium. If a Fund is a seller of protection and a credit event occurs, the maximum potential amount of future payments that the Fund could be required to make (or the risk of loss) would be an amount equal to the notional amount of the agreement. This potential amount would be partially offset by any recovery value of the respective referenced obligation, or net amount received from the settlement of a buy protection credit default swap agreement entered into by the Fund for the same referenced obligation. As the seller, the Fund may add economic leverage to its portfolio because, in addition to its total net assets, the Fund is subject to investment exposure on the notional amount of the swap. The net periodic payments paid or received on the swap contract are accrued daily as a component of unrealized appreciation (depreciation) and are recorded as realized gain upon receipt or realized loss upon payment. The Fund also records an increase or decrease to unrealized appreciation (depreciation) in an amount equal to the daily valuation of the swap. For financial reporting purposes, unamortized upfront payments, if any, are netted with unrealized appreciation or depreciation on swap contracts to determine the market value of swaps as presented in the table below.

At October 31, 2014, the outstanding credit default swap contracts were as follows:

Absolute Return Multi-Manager:

Credit Default Swap Contracts—Buy Protection

Swap Counterparty	Reference Entity	Notional Amount⁽¹⁾		Contract Annual Fixed Rate*			Termination Date	Credit Spread at October 31, 2014			Market Value			Unamortized Upfront Payments Received (Paid)			Unrealized Appreciation (Depreciation)			Accrued Net Interest Receivable/ (Payable)			Total Fair Value
J.P. Morgan Chase Bank N.A.	Best Buy Co., Inc., 5.500%, 03/15/21	$	3,000,000		5.000	%	December 20, 2019		2.737	%	$	(322,411	)	$	325,679		$	3,268		$	(16,250	)	$	(12,982	)
J.P. Morgan Chase Bank N.A.	Darden Restaurants, Inc., 6.200%, 10/15/17		5,000,000		1.000		December 20, 2019		1.858			214,928			(249,374	)		(34,446	)		(5,417	)		(39,863	)
J.P. Morgan Chase Bank N.A.	JC Penney Corp., Inc., 6.375%, 10/15/17		1,000,000		5.000		September 20, 2019		8.388			126,952			(69,650	)		57,302			(5,417	)		51,885
J.P. Morgan Chase Bank N.A.	JC Penney Corp., Inc., 6.375%, 10/15/17		1,000,000		5.000		December 20, 2019		8.529			136,490			(137,280	)		(790	)		(5,417	)		(6,207	)
J.P. Morgan Chase Bank N.A.	RadioShack Corp., 6.750%, 05/15/19		1,000,000		5.000		June 20, 2016		61.266			467,484			(467,650	)		(166	)		(5,417	)		(5,583	)
J.P. Morgan Chase Bank N.A.	RadioShack Corp., 6.750%, 05/15/19		1,000,000		5.000		June 20, 2016		0.000			492,778			(491,954	)		824			11,667			12,491
J.P. Morgan Chase Bank N.A.	Staples, Inc., 4.375%, 01/12/23		1,000,000		1.000		September 20, 2019		1.778			36,257			(49,629	)		(13,372	)		(1,083	)		(14,455	)
J.P. Morgan Bank N.A.	Staples, Inc., 01/12/18		2,000,000		1.000		September 20,		1.778			72,515 Chase			(111,936 2.750%,	)		(39,421	)		(2,167	)		(41,588 2019	)
J.P. Morgan Chase Bank N.A.	Staples, Inc., 2.750%, 01/12/18		1,000,000		1.000		December 20, 2019		1.888			43,062			(63,792	)		(20,730	)		(1,083	)		(21,813	)
Total											$	1,268,055		$	(1,315,586	)	$	(47,531	)	$	(30,584	)	$	(78,115	)

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

(1) For the fiscal year ended October 31, 2014, the average notional value of credit default swap contracts for Absolute Return Multi-Manager was $1,846,154.

Financial futures contracts: During the year ended October 31, 2014, Absolute Return Multi-Manager entered into financial futures contracts for economic hedging purposes. At the time the Fund enters into a financial futures contract, it is required to deposit with the futures commission merchant a specified amount of cash or liquid securities, known as "initial margin," which is a percentage of the value of the financial futures contract being traded that is set by the exchange upon which the futures contract is traded. Each day, the futures contract is valued at the official settlement price of the board of trade or U.S. commodity exchange on which such futures contract is traded. Subsequent payments, known as "variation margin," to and from the broker are made on a daily basis as the market price of the financial futures contract fluctuates. Daily variation margin adjustments, arising from this "mark to market," are recorded by the Fund as unrealized gains or losses.

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

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

At October 31, 2014, open positions in financial futures contracts were:

Absolute Return Multi-Manager

Expiration

Open Contracts

Position

Unrealized
Appreciation
(Depreciation)

December 2014

45 U.S. 2 Year Note

Short

(38,769

)

During the year ended October 31, 2014, the average notional value of financial futures contracts was $(9,864,141) for short positions.

Equity swap contracts: During the year ended October 31, 2014, Absolute Return Multi-Manager used equity swaps to provide investment exposure to certain investments, primarily foreign securities. During the period ended October 31, 2014 Long Short Multi-Manager used equity swaps to provide investment exposure to certain foreign investments. Equity swaps are two-party contracts in which counterparties exchange the return on a specified reference security, basket of securities, security index or index component for the return based on a fixed or floating interest rate on another equity security or basket of securities during the period of the swap. Equity swap contracts are marked to market daily based on the value of the underlying reference entity and the change, if any, is recorded as an unrealized gain or loss. Equity swaps normally do not involve the delivery of securities or other underlying assets. If the other party to an equity swap defaults, a Fund's risk of loss consists of the net amount of payments that such Fund is contractually entitled to receive, if any. Equity swaps are derivatives and their value can be very volatile. To the extent that the Adviser or Sub-Adviser, as applicable, does not accurately analyze and predict future market trends, the values of assets or economic factors, a Fund may suffer a loss, which may exceed the related amounts shown in the Statements of Assets and Liabilities. Periodic payments received or paid by a Fund are recorded as realized gains or losses.

At October 31, 2014, the outstanding equity swaps* for the Funds were as follows:

Absolute Return Multi-Manager
Counterparty	Description	Value
J.P. Morgan Chase Bank N.A.	The Fund receives or pays the total return on long and short positions and pays or receives a specified LIBOR or Federal Funds floating rate, which is denominated in various foreign currencies based on the local currencies of the positions.	$	(4,771,290	)

* The following table represents the individual long and short positions and related values of the equity swaps as of October 31, 2014.

Reference Entity	Shares		Notional Value^(a)(b)		Net Unrealized Appreciation (Depreciation)
Long Positions
Australia
Roc Oil Co. Ltd.		414,429	$	248,469	$	3,172
Brazil
MMX Mineracao e Metalicos SA		4,091,973		4,952,972		281,926
Canada
Athabasca Oil Corp.		1,919,712		11,078,411		(4,861,341	)
B2Gold Corp.		115,384		299,907		(107,439	)
						(4,968,780	)
Finland
Sanitec Corp.		63,975		820,584		314
Vacon OYJ		13,766		580,141		2,765
						3,079
France
Alstom SA		57,781		1,944,744		65,310
Lafarge SA		13,718		951,689		(871	)
Plastic Omnium SA		59,268		1,324,014		23,275
Publicis Groupe SA		35,250		2,333,198		108,273
Total SA		37,991		2,389,225		(131,633	)
						64,354
Ireland
C&C Group PLC		84,582		432,439		(55,313	)
Shire PLC		67,231		5,046,401		(569,118	)
						(624,431	)
Netherlands
Corio NV		31,311		1,515,631		7,172
Exact Holding NV		17,575		685,661		4,906
Nutreco NV		14,616		719,563		12,255
Royal Dutch Shell PLC		45,910		1,746,118		(104,317	)
Ziggo NV		408,374		17,312,557		2,638,168
						2,558,184

Reference Entity	Shares			Notional Value^(a)(b)			Net Unrealized Appreciation (Depreciation)
Norway
Hurtigruten ASA		190,257		$	192,927		$	575
Papua New Guinea
New Britain Palm Oil Ltd.		50,201			539,166			6,918
Spain
Cia de Distribucion Integral Logista Holdings SAU		28,456			496,083			17,772
Switzerland
Nobel Biocare Holding AG		78,176			1,382,567			(1,294	)
Swisslog Holding AG		184,660			257,408			(230	)
								(1,524	)
United Kingdom
Anglo American PLC		107,380			2,428,873			(167,445	)
Associated British Foods PLC		24,802			1,056,810			35,860
AstraZeneca PLC		6,476			450,802			19,889
Daisy Group PLC		3,730			10,941			8
Diageo PLC		61,710			1,788,973			25,454
Infinis Energy PLC		444,762			1,836,255			(300,869	)
International Consolidated Airlines Group SA		120,515			710,978			77,910
Jazztel plc		124,651			1,993,132			(3,063	)
Mecom Group PLC		41,141			99,725			(14,167	)
Smith & Nephew PLC		19,637			321,513			10,526
Spirit Pub Co. PLC		237,063			389,915			13,017
St. James's Place PLC		98,980			1,124,584			55,036
Synergy Health PLC		17,692			513,252			15,427
TUI Travel PLC		155,515			931,677			59,949
William Hill PLC		198,751			1,090,951			55,230
								(117,238	)
United States
Glimcher Realty Trust		245,850			3,331,674			43,847
Kinder Morgan Energy Partners LP		139,242			12,502,411			558,489
Safeway, Inc.		258,548			8,854,130			158,853
								761,189
Total Long Positions of Equity Swap Contracts								(2,014,804	)
Short Positions
France
Klepierre		(35,694	)		(1,536,344	)		(6,839	)
Danone SA		(3,225	)		(208,376	)		(10,749	)
								(17,588	)
Germany
TUI AG		(62,051	)		(866,334	)		(80,773	)

Reference Entity	Shares			Notional Value^(a)(b)			Net Unrealized Appreciation (Depreciation)
South Korea
Halla Visteon Climate Control Corp.		(32,517	)	$	(1,247,922	)	$	(204,912	)
Switzerland
Holcim Ltd.		(13,718	)		(986,914	)		15,255
United Kingdom
AMEC PLC		(37,075	)		(642,496	)		25,684
Liberty Global PLC Series A		(82,961	)		(3,267,528	)		(504,708	)
Liberty Global PLC Series C		(145,949	)		(5,647,929	)		(842,422	)
Greene King PLC		(31,340	)		(386,462	)		(15,618	)
								(1,337,064	)
United States
Albemarle Corp.		(23	)		(1,222	)		(120	)
Kinder Morgan, Inc.		(305,371	)		(11,181,557	)		(636,301	)
Washington Prime Group, Inc.		(48,899	)		(834,861	)		(27,229	)
								(663,650	)
Total Short Positions of Equity Swap Contracts								(2,288,732	)
Total Long and Short Positions of Equity Swap Contracts								(4,303,536	)
Financing Costs and Other Payables								(467,754	)
Equity Swap Contracts, at Value							$	(4,771,290	)

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

(b) For the fiscal year ended October 31, 2014, the average notional value of equity swap contracts was $61,977,230 for long positions and $(23,620,544) for short positions, respectively, for Absolute Return Multi-Manager.

Long Short Multi-Manager

Counterparty				Description				Value
J.P. Morgan Chase Bank N.A.				The Fund receives or pays the total return on long and short positions and pays or receives a specified LIBOR or Federal Funds floating rate, which is denominated in various foreign currencies based on the local currencies of the positions.				$	43,238

* The following table represents the individual long and short positions and related values of the equity swaps as of October 31, 2014.

Reference Entity	Shares		Notional Value^(a)(b)		Net Unrealized Appreciation (Depreciation)
Long Positions
France
Alstom SA		2,350	$	79,100	$	2,650
Plastic Omnium SA		2,650		59,200		1,040
Publicis Groupe SA		1,430		94,652		4,392
Total SA		1,547		97,306		(5,377	)
						2,705

Reference Entity	Shares			Notional Value^(a)(b)			Net Unrealized Appreciation (Depreciation)
Ireland
Shire PLC		1,170		$	71,983		$	5,934
Netherlands
Royal Dutch Shell PLC		1,882			71,610			(4,307	)
United Kingdom
Anglo American PLC		4,370			98,847			(6,815	)
Associated British Foods PLC		1,107			47,399			1,371
Diageo PLC		2,510			72,765			1,035
Infinis Energy PLC		18,828			70,298			(5,300	)
International Consolidated Airlines Group SA		5,383			31,662			3,575
St. James's Place PLC		4,420			50,219			2,458
William Hill PLC		8,133			44,642			2,260
								(1,416	)
Total Long Positions of Equity Swap Contracts								2,916
Short Positions
Halla Visteon Climate Control Corp.		(1,913	)		(76,973	)		(8,498	)
Total Short Positions of Equity Swap Contracts								(8,498	)
Total Long and Short Positions of Equity Swap Contracts								(5,582	)
Financing Costs and Other Receivables								48,820
Equity Swap Contracts, at Value							$	43,238

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

(b) For the period ended October 31, 2014, the average notional value of equity swap contracts was $443,577 for long positions and $(193,021) for short positions, respectively, for Long Short Multi-Manager.

Total return swap contracts: During the year ended October 31, 2014, Absolute Return Multi-Manager used total return swaps to hedge certain indices and provide investment exposure to certain investments, primarily foreign securities. During the period ended October 31, 2014, Long Short Multi-Manager used total return swaps to hedge certain indices and provide investment exposure to certain foreign investments. Total return swaps involve commitments to pay fixed or floating rate interest in exchange for a market-linked return based on a notional amount. To the extent the total return of the reference security or index underlying the total return swap exceeds or falls short of the offsetting interest rate obligation, a Fund will receive a payment or make a payment to the counterparty, respectively. Certain risks may arise when entering into total return swap transactions, including counterparty default, liquidity or unfavorable changes in the value of the underlying reference security or index. The value of the swap is adjusted daily and the change in value, if any, is recorded as unrealized appreciation or depreciation in the Statements of Assets and Liabilities. Payments received or made at the end of each measurement period are recorded as realized gain or loss in the Statements of Operations.

At October 31, 2014, the outstanding total return swap contracts were as follows:

Absolute Return Multi-Manager Fund

Rate Type

Swap
Counterparty

Notional
Amount⁽²⁾

Termination
Date

Variable-rate
Payments
Made/
(Received)
by the Fund

Reference Entity

Accrued Net
Interest
Receivable
(Payable)

Unrealized
Appreciation
(Depreciation)

Total Fair
Value

J.P. Morgan
Chase
Bank N.A.

EUR

⁽¹

⁾ 4,282,016

May 14,
2015

0.010

%⁽³⁾

The EURO STOXX 50
Index

—

(170,159

)

(170,159

)

(1) EUR Euro

(2) For the fiscal year ended October 31, 2014, the average notional value of total return swap contracts for Absolute Return Multi-Manager was $6,443,346.

(3) 1 month EURIBOR minus 0.40% at October 15, 2015.

Long Short Multi-Manager

					Rate Type
Swap Counterparty	Notional Amount⁽¹⁾			Termination Date	Variable-rate Payments Made/ (Received) by the Fund			Reference Entity	Accrued Net Interest Receivable (Payable)			Unrealized Appreciation (Depreciation)			Upfront Payments Made (Received)			Total Fair Value
J.P. Morgan Chase Bank N.A.	$	159,205		April 2, 2015	Various 0.156 to 0.157%⁽²⁾			AMBEV SA	$	(141	)	$	(13,191	)	$	(194	)	$	(13,526	)
J.P. Morgan Chase Bank N.A.		34,522		April 10, 2015		0.154	⁽³⁾	Kia Motors Corp.		(15	)		(2,497	)		—			(2,512	)
J.P. Morgan Chase Bank N.A.		83,309		February 23, 2015	Various 0.156 to 0.157⁽⁴⁾			Piraeus Bank SA		(208	)		(34,156	)		(571	)		(34,935	)
J.P. Morgan Chase Bank N.A.	EUR	⁽⁵	⁾ 190,111	April 7, 2015		(0.010	)⁽⁶⁾	The EURO STOXX 50 Index		—			(7,555	)		—			(7,555	)
Totals									$	(364	)	$	(57,399	)	$	(765	)	$	(58,528	)

(1) For the period ended October 31, 2014, the average notional value of total return swap contracts for Long Short Multi-Manager was $180,876

(2) 1 month LIBOR plus 0.60% at October 15, 2014.

(3) 1 month LIBOR plus 0.75% at October 15, 2014.

(4) 1 month LIBOR plus 1.75% at October 15, 2014.

(5) EUR Euro

(6) 1 month EURIBOR minus 0.40% at October 15, 2014.

Forward foreign currency contracts: During the period ended October 31, 2014, each Fund entered into forward foreign currency contracts ("forward contracts") to hedge foreign currency.

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

At October 31, 2014, open forward contracts for each Fund were as follows:

Absolute Return Multi-Manager

Buy	Counterparty	Contracts to Receive			In Exchange For		Settlement Date	Net Unrealized Appreciation (Depreciation)
Australian Dollar	J.P. Morgan Chase Bank N.A.		8,507,725	��	$	7,600,895	11/20/14	$	(122,632	)
Czech Koruna	J.P. Morgan Chase Bank N.A.		41,918,999			1,931,286	11/20/14		(42,698	)
Euro	J.P. Morgan Chase Bank N.A.		10,701,426			13,606,141	11/20/14		(194,221	)
Japanese Yen	J.P. Morgan Chase Bank N.A.		3,390,015,151			31,876,283	11/20/14		(1,692,374	)
Norwegian Krone	J.P. Morgan Chase Bank N.A.		8,623,346			1,318,066	11/20/14		(40,307	)
Pound Sterling	J.P. Morgan Chase Bank N.A.		658,950			1,059,945	11/20/14		(5,965	)
Pound Sterling	J.P. Morgan Chase Bank N.A.		19,000			30,862	12/03/14		(475	)
South African Rand	J.P. Morgan Chase Bank N.A.		57,799,100			5,318,049	11/20/14		(91,948	)
Swedish Krona	J.P. Morgan Chase Bank N.A.		15,220,000			2,086,678	11/28/14		(25,404	)
Swiss Franc	J.P. Morgan Chase Bank N.A.		1,732,302			1,806,140	11/20/14		(5,472	)
Total								$	(2,221,496	)
Sell	Counterparty	Contracts to Deliver			In Exchange For		Settlement Date	Net Unrealized Appreciation (Depreciation)
Australian Dollar	J.P. Morgan Chase Bank N.A.		11,752,125		$	10,701,398	11/20/14	$	371,318
Australian Dollar	J.P. Morgan Chase Bank N.A.		3,960,000			3,515,353	11/28/14		36,386
Brazilian Real	J.P. Morgan Chase Bank N.A.		11,872,700			4,759,551	11/20/14		(7,283	)
Canadian Dollar	J.P. Morgan Chase Bank N.A.		3,944,095			3,559,639	11/20/14		61,520
Czech Koruna	J.P. Morgan Chase Bank N.A.		41,918,999			1,918,737	11/20/14		30,150
Euro	J.P. Morgan Chase Bank N.A.		20,536,167			27,187,946	11/20/14		1,450,308
Euro	J.P. Morgan Chase Bank N.A.		8,340,000			10,637,671	11/28/14		184,779
Euro	J.P. Morgan Chase Bank N.A.		502,000			650,472	12/03/14		21,273
Hong Kong Dollar	J.P. Morgan Chase Bank N.A.		26,891,204			3,470,020	11/20/14		2,429
Japanese Yen	J.P. Morgan Chase Bank N.A.		10,685,946,456			103,904,638	11/20/14		8,759,450
Korean Won	J.P. Morgan Chase Bank N.A.		937,150,500			867,844	11/20/14		(8,451	)
Norwegian Krone	J.P. Morgan Chase Bank N.A.		8,623,346			1,302,256	11/20/14		24,497
Pound Sterling	J.P. Morgan Chase Bank N.A.		470,011			762,593	11/20/14		10,819
Pound Sterling	J.P. Morgan Chase Bank N.A.		556,000			898,807	12/03/14		9,584

Sell	Counterparty	Contracts to Deliver		In Exchange For		Settlement Date	Net Unrealized Appreciation (Depreciation)
South African Rand	J.P. Morgan Chase Bank N.A.		85,276,368	$	7,855,577	11/20/14	$	145,025
Swiss Franc	J.P. Morgan Chase Bank N.A.		1,732,302		1,883,946	11/20/14		83,278
Total							$	11,175,082

Long Short Multi-Manager

Buy	Counterparty	Contracts to Receive		In Exchange For		Settlement Date	Net Unrealized Appreciation (Depreciation)
Australian Dollar	J.P. Morgan Chase Bank N.A.		356,500	$	318,534	11/20/14	$	(5,172	)
Czech Koruna	J.P. Morgan Chase Bank N.A.		1,701,021		78,369	11/20/14		(1,733	)
Euro	J.P. Morgan Chase Bank N.A.		438,938		558,257	11/20/14		(8,143	)
Japanese Yen	J.P. Morgan Chase Bank N.A.		178,616,607		1,681,913	11/20/14		(91,552	)
Norwegian Krone	J.P. Morgan Chase Bank N.A.		350,217		53,535	11/20/14		(1,642	)
Pound Sterling	J.P. Morgan Chase Bank N.A.		33,024		53,363	11/20/14		(541	)
South African Rand	J.P. Morgan Chase Bank N.A.		2,390,400		219,939	11/20/14		(3,803	)
Swedish Krona	J.P. Morgan Chase Bank N.A.		903,000		123,802	11/28/14		(1,507	)
Swiss Franc	J.P. Morgan Chase Bank N.A.		70,424		73,426	11/20/14		(222	)
Total							$	(114,315	)

Sell	Counterparty	Contracts to Deliver		In Exchange For		Settlement Date	Net Unrealized Appreciation (Depreciation)
Australian Dollar	J.P. Morgan Chase Bank N.A.		489,000	$	445,420	11/20/14	$	15,590
Australian Dollar	J.P. Morgan Chase Bank N.A.		235,000		208,613	11/28/14		2,159
Canadian Dollar	J.P. Morgan Chase Bank N.A.		152,210		137,274	11/20/14		2,275
Czech Koruna	J.P. Morgan Chase Bank N.A.		1,701,021		77,859	11/20/14		1,223
Euro	J.P. Morgan Chase Bank N.A.		806,478		1,066,879	11/20/14		56,133
Euro	J.P. Morgan Chase Bank N.A.		495,000		631,373	11/28/14		10,967
Hong Kong Dollar	J.P. Morgan Chase Bank N.A.		1,130,900		145,930	11/20/14		102
Japanese Yen	J.P. Morgan Chase Bank N.A.		423,614,662		4,120,418	11/20/14		348,651
Norwegian Krone	J.P. Morgan Chase Bank N.A.		350,217		52,888	11/20/14		995
Pound Sterling	J.P. Morgan Chase Bank N.A.		26,100		42,667	11/20/14		921
South African Rand	J.P. Morgan Chase Bank N.A.		3,525,664		324,829	11/20/14		6,045
Swiss Franc	J.P. Morgan Chase Bank N.A.		70,424		76,590	11/20/14		3,386
Total							$	448,447

For the period ended October 31, 2014, Absolute Return Multi-Manager's and Long Short Multi-Manager's investments in forward contracts had an average value of $85,830,160 and $3,323,374, respectively.

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

a covered call or put option that a Fund has written expires unexercised, the Fund will realize a gain in the amount of the premium. All securities covering outstanding options are held in escrow by the custodian bank.

Written option transactions were used in an attempt to generate incremental returns for Absolute Return Multi-Manager and Long Short Multi-Manager for the period ended October 31, 2014. Written option transactions for Absolute Return Multi-Manager and Long Short Multi-Manager for the period ended October 31, 2014 were:

Absolute Return Multi-Manager

	Number of Contracts			Value when written
Outstanding at October 31, 2013		7,896		$	2,236,061
Options written		125,132			16,706,115
Options terminated in closing purchase transactions		(46,641	)		(7,417,673	)
Options exercised		(788	)		(99,968	)
Options expired		(56,463	)		(8,304,003	)
Outstanding at October 31, 2014		29,136		$	3,120,532

Long Short Multi-Manager

	Number of Contracts			Value when written
Outstanding at October 31, 2013		—		$	—
Options written		12			1,219
Options terminated in closing purchase transactions		(12	)		(1,219	)
Options exercised		—			—
Options expired		—			—
Outstanding at October 31, 2014		—		$	—

For the period ended October 31, 2014, Absolute Return Multi-Manager and Long Short Multi-Manager had an average market value of $(1,523,666) and $0, respectively, in written options.

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

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

Purchased option transactions were used in an attempt to manage or adjust the risk profile and the investment exposure of each Fund to certain securities and enhance returns for the period ended October 31, 2014. Purchased option transactions for each Fund for the period ended October 31, 2014 were:

Absolute Return Multi-Manager

	Number of Contracts			Value when Purchased
Outstanding at October 31, 2013		9,528		$	3,995,043
Options purchased		158,490			38,561,584
Options terminated in closing sale transactions		(53,093	)		(17,241,992	)
Options exercised		(217	)		(189,090	)
Options expired		(73,883	)		(15,865,885	)
Outstanding at October 31, 2014		40,825		$	9,259,660

Long Short Multi-Manager

	Number of Contracts			Value when Purchased
Outstanding at October 31, 2013		—		$	—
Options purchased		45			21,318
Options terminated in closing sale transactions		(5	)		(4,873	)
Options exercised		—			—
Options expired		(40	)		(16,445	)
Outstanding at October 31, 2014		—		$	—

For the period ended October 31, 2014, Absolute Return Multi-Manager and Long Short Multi-Manager had an average market value of $4,213,985 and $644 in purchased options, respectively.

At October 31, 2014, the Funds had the following derivatives (which did not qualify as hedging instruments under ASC 815), grouped by primary risk exposure:

Absolute Return Multi-Manager

Asset Derivatives

Derivative Type	Statement of Assets and Liabilities Location	Credit Risk		Currency Risk		Equity Risk		Total
Swap contracts	Swaps, at value	$	1,576,132	$	—	$	—	$	1,576,132
Forward contracts	Receivable for open forward foreign currency contracts				11,190,816		—		11,190,816
Option contracts purchased	Investments in securities, at value		—		—		6,468,875		6,468,875
Total Value—Assets		$	1,576,132	$	11,190,816	$	6,468,875	$	19,235,823

Liability Derivatives

Derivative Type	Statement of Assets and Liabilities Location	Credit Risk			Currency Risk			Equity Risk			Total
Swap contracts	Swaps, at value	$	(338,661	)	$	—		$	(4,941,449	)	$	(5,280,110	)
Forward contracts	Payable for open forward foreign currency contracts					(2,237,230	)		—			(2,237,230	)
Option contracts written	Written options,		—			—			(2,239,676	)		(2,239,676 at value	)
Total Value—Liabilities		$	(338,661	)	$	(2,237,230	)	$	(7,181,125	)	$	(9,757,016	)

Long Short Multi-Manager

Asset Derivatives

Derivative Type	Statement of Assets and Liabilities Location	Foreign Currency Risk		Equity Risk		Total
Swap contracts	Swaps, at value	$	—	$	43,238	$	43,238
Forward contracts	Receivable for open forward foreign currency contracts		448,447		—		448,447
Total Value—Assets		$	448,447	$	43,238	$	491,685

Liability Derivatives

Derivative Type	Statement of Liabilities Location	Currency Risk			Assets and Equity Risk			Foreign Total
Swap contracts	Swaps, at value	$	—		$	(58,528	)	$	(58,528	)
Forward contracts	Payable for open forward foreign currency contracts		(114,315	)		—			(114,315	)
Total Value—Liabilities		$	(114,315	)	$	(58,528	)	$	(172,843	)

The impact of the use of these derivative instruments on the Statements of Operations during the period ended October 31, 2014, was as follows:

Absolute Return Multi-Manager

Realized Gain (Loss)

Derivative Type	Statement of Operations Location	Credit Risk		Currency Risk		Equity Risk			Total
Forward contracts	Net realized gain (loss) on: forward foreign currency contracts	$	—	$	380,626	$	—		$	380,626
Futures contracts	Net realized gain (loss) on: financial futures contracts		—		—		—			—
Option contracts written	Net realized gain (loss) on: options contracts written		—		—		11,490,422			11,490,422
Option contracts purchased	Net realized gain (loss) on: sales of investment securities of unaffiliated issuers		—		—		(21,564,232	)		(21,564,232	)
Swap contracts	Net realized gain (loss) on: swaps contracts		6,168		—		1,418,812			1,424,980
Total Realized Gain (Loss)		$	6,168	$	380,626	$	(8,654,998	)	$	(8,268,204	)

Change in Appreciation (Depreciation)

Derivative Type	Statement of Operations Location	Credit Risk			Currency Risk		Equity Risk			Total
Forward contracts	Change in net unrealized appreciation (depreciation) in value of: forward foreign currency contracts	$	—		$	9,108,611	$	—		$	9,108,611
Futures contracts	Change in net unrealized appreciation (depreciation) in value of: financial futures contracts		—			—		(38,769	)		(38,769	)
Option contracts written	Change in net unrealized appreciation (depreciation) in value of: options contracts written		—			—		(429,887	)		(429,887	)
Option contracts purchased	Change in net unrealized appreciation (depreciation) in value of: unaffiliated investment securities		—			—		(641,039	)		(641,039	)
Swap contracts	Change in net unrealized appreciation (depreciation) in value of: swap contracts		(78,115	)		—		(4,972,221	)		(5,050,336	)
Total Change in Appreciation (Depreciation)		$	(78,115	)	$	9,108,611	$	(6,081,916	)	$	2,948,580

Long Short Multi-Manager

Realized Gain (Loss)

Derivative Type	Statement of Operations Location	Currency Risk		Equity Risk			Total
Forward contracts	Net realized gain (loss) on: forward foreign currency contracts	$	62,647	$	—		$	62,647
Option contracts written	Net realized gain (loss) on: options contracts written		—		1,219			1,219
Option contracts purchased	Net realized gain (loss) on: sales of investment securities of unaffiliated issuers		—		(18,057	)		(18,057	)
Swap contracts	Net realized gain (loss) on: swap contracts		—		(9,077	)		(9,077	)
Total Realized Gain (Loss)		$	62,647	$	(25,915	)	$	36,732

Change in Appreciation (Depreciation)
Derivative Type	Statement of Operations Location	Currency Risk		Equity Risk			Total
Forward contracts	Change in net unrealized appreciation (depreciation) in value of: forward foreign currency contracts	$	334,132	$	—		$	334,132
Swap contracts	Change in net unrealized appreciation (depreciation) in value of: swap contracts		—		(14,525	)		(14,525	)
Total Change in Appreciation (Depreciation)		$	334,132	$	(14,525	)	$	319,607

During the current reporting period, the Funds adopted the provisions of Accounting Standards Update 2011-11 Disclosures about Offsetting Assets and Liabilities ("ASU 2011-11"). ASU 2011-11 is intended to enhance disclosure requirements on the offsetting of financial assets and liabilities. Pursuant to ASU 2011-11, an entity is required to disclose both gross and net information for assets and liabilities related to derivatives, repurchase and reverse repurchase agreements, and securities lending and securities borrowing transactions that are eligible for offset or subject to an enforceable master netting or similar agreement. The Funds' derivative assets and liabilities at fair value by type are reported gross in the Statements of Assets and Liabilities. The following tables present the Funds' derivative assets and liabilities by counterparty, net of amounts available for offset under a master netting agreement and net of the related collateral received by the Funds for assets and pledged by the Funds for liabilities as of October 31, 2014.

Absolute Return Multi-Manager

Description	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Statements of Assets and Liabilities
Credit default swap contracts	$	1,576,132	$	—	$	1,576,132
Forward contracts		11,190,816		—		11,190,816
Total	$	12,766,948	$	—	$	12,766,948

	Gross Amounts Not Offset in the Statements of Assets and Liabilities
Counterparty	Net Amounts of Assets Presented in the Statements of Assets and Liabilities		Financial Instruments			Cash Collateral Received^(a)		Net Amount^(b)
J.P. Morgan Chase Bank N.A.	$	12,766,948	$	(2,237,230	)	$	—	$	10,529,718

Description	Gross Amounts of Recognized Liabilities			Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Statements of Assets and Liabilities
Credit default swap contracts	$	(338,661	)	$	—	$	(338,661	)
Equity swap contracts		(4,771,290	)		—		(4,771,290	)
Total return swap contracts		(170,159	)		—		(170,159	)
Forward contracts		(2,237,230	)		—		(2,237,230	)
Total	$	(7,517,340	)	$	—	$	(7,517,340	)

	Gross Amounts Not Offset in the Statements of Assets and Liabilities
Counterparty	Net Amounts of Liabilities Presented in the Statements of Assets and Liabilities			Financial Instruments		Cash Collateral Pledged^(a)		Net Amount^(c)
J.P. Morgan Chase Bank N.A.	$	(7,517,340	)	$	2,237,230	$	5,280,110	$	—

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

(b) Net Amount represents amounts subject to loss as of October 31,2014, in the event of a counterparty failure.

Long Short Multi-Manager

Description	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Statements of Assets and Liabilities
Equity swap contracts	$	43,238	$	—	$	43,238
Forward contracts		448,447		—		448,447
Total	$	491,685	$	—	$	491,685

	Gross Amounts Not Offset in the Statements of Assets and Liabilities
Counterparty	Net Amounts of Assets Presented in the Statements of Assets and Liabilities		Financial Instruments			Cash Collateral Received^(a)		Net Amount^(b)
J.P. Morgan Chase Bank N.A.	$	491,685	$	(114,315	)	$	—	$	377,370

Description	Gross Amounts of Recognized Liabilities			Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Statements of Assets and Liabilities
Total return swap contracts	$	(58,528	)	$	—	$	(58,528	)
Forward contracts		(114,315	)		—		(114,315	)
Total	$	(172,843	)	$	—	$	(172,843	)

	Gross Amounts Not Offset in the Statements of Assets and Liabilities
Counterparty	Net Amounts of Liabilities Presented in the Statements of Assets and Liabilities			Financial Instruments		Cash Collateral Pledged^(a)		Net Amount^(c)
J.P. Morgan Chase Bank N.A.	$	(172,843	)	$	114,315	$	58,528	$	—

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

(b) Net Amount represents amounts subject to loss as of October 31,2014, in the event of a counterparty failure.

14 Indemnifications: Like many other companies, the Trust's organizational documents provide that its officers and 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 Expense offset arrangement: Absolute Return Multi-Manager has an expense offset arrangement in connection with its custodian contract. For the year ended October 31, 2014, the impact of this arrangement was a reduction of expenses of $438.

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

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

Each Fund retains Management as its investment manager under a Management Agreement. For such investment management services, each Fund pays Management a fee at the annual rate of 1.700% of the first $250 million of the Fund's average daily net assets, 1.675% of the next $250 million, 1.650% of the next $250 million, 1.625% of the next $250 million, 1.600% of the next $500 million, 1.575% of the next $2.5 billion, and 1.550% of average daily net assets in excess of $4 billion. Accordingly, for the period ended October 31, 2014, the fee pursuant to the Management Agreement was equivalent to an annual effective rate of 1.65% and 1.70% of Absolute Return Multi-Manager's and Long Short Multi- Manager's average daily net assets, respectively.

Each Fund retains Management as its administrator under an Administration Agreement. Each Fund pays Management an administration fee at the annual rate of 0.06% of its average daily net assets under this agreement. In addition, Institutional Class of each Fund pays Management an administration fee at the annual rate of 0.09% of its average daily net assets, Class A and Class C of each Fund pays Management an administration fee at the annual rate of 0.20% of its average daily net assets and Class R6 of Absolute Return Multi-Manager pays Management an administration fee at the annual rate of 0.02% of its average daily net assets under this agreement. Additionally, Management retains JPM as its sub-administrator under a Sub-Administration Agreement. Management pays JPM a fee for all services received under the agreement.

Management has contractually agreed to waive current payment of fees and/or reimburse certain expenses of the Institutional Class, Class A, Class C and Class R6 of each Fund that offers those classes so that the total annual operating expenses of those classes do not exceed the expense limitations as detailed in the following table. These undertakings apply to each Fund's direct expenses and exclude interest, taxes, brokerage commissions, acquired fund fees and expenses, extraordinary expenses, as of August 12, 2014, fees related to short sales and dividend and interest expenses relating to short sales, if any; consequently, net expenses may exceed the contractual expense limitations. Each Fund has agreed that each of its respective classes will repay Management for fees and expenses waived or reimbursed for that class provided that repayment does not cause that class' annual operating expenses to exceed its contractual expense limitation in place at the time the fees and expenses were waived or reimbursed. Any such repayment must be made within three years after the year in which Management incurred the expense.

During the period ended October 31, 2014, there was no repayment to Management under these agreements.

At October 31, 2014, contingent liabilities to Management under the agreements were as follows:

					Expenses Reimbursed in Fiscal Period Ending, October 31,
					2012		2013		2014
	Contractual Expense				Subject to Repayment until October 31,
Class	Limitation⁽¹⁾			Expiration	2015		2016		2017
Absolute Return Multi-Manager Institutional Class⁽²⁾		1.97	%	10/31/17	$	816,372	$	447,655	$	759,554
Absolute Return Multi-Manager Class A⁽²⁾		2.33	%	10/31/17		24,960		165,195		316,015
Absolute Return Multi-Manager Class C⁽²⁾		3.08	%	10/31/17		4,503		23,788		71,856
Absolute Return Multi-Manager Class R6⁽²⁾		1.90	%	10/31/17		—		—		18,153	⁽⁴⁾
Long Short Multi-Manager Institutional Class		1.97	%	10/31/17		—		—		459,171	⁽³⁾
Long Short Multi-Manager Class A		2.33	%	10/31/17		—		—		13,772	⁽³⁾
Long Short Multi-Manager Class C		3.08	%	10/31/17		—		—		6,443	⁽³⁾

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

(2) Prior to February 28, 2013, the contractual expense limitations were 2.45%, 2.81% and 3.56% for the Institutional Class, Class A and Class C shares, respectively. In addition, from January 2, 2013 to February 28, 2013, Management had voluntarily undertaken to waive current payment of fees and/or reimburse certain expenses of Institutional Class, Class A and Class C shares so that their Operating Expenses were limited to 1.97%, 2.33% and 3.08%, respectively, per annum of their average daily net assets. These voluntarily waived fees are not subject to recovery by Management.

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

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

NB Alternative Investment Management LLC ("NBAIM"), as the investment adviser to the Funds, is retained by Management to provide day-to-day investment management services, including oversight of each Fund's investments and handling its day-to-day business, including the oversight of the subadvisers' investment activities, and receives a monthly fee paid by Management. As investment manager, Management is responsible for overseeing the investment activities of NBAIM. Several individuals who are officers and/or Trustees of the Trust are also employees of NBAIM and/or Management.

Management and NBAIM engage Blue Jay Capital Management, LLC, Cloud Gate Capital LLC, Cramer Rosenthal McGlynn, LLC, GAMCO Asset Management Inc., Good Hill Partners LP, Lazard Asset Management LLC, Levin Capital Strategies, L.P., Loeb Arbitrage Management LP, MacKay Shields LLC, SLS Management, LLC, Sound Point Capital Management, L.P., and Visium Asset Management, LP as subadvisers of Absolute Return Multi-Manager to provide investment management services. Management and NBAIM engage Blue Jay Capital Management, LLC, Cloud Gate Capital LLC, Cramer Rosenthal McGlynn, LLC, Lazard Asset Management LLC, Levin Capital Strategies, L.P. and SLS Management, LLC as subadvisers of Long Short Multi-Manager to provide investment management services. Management compensates the subadvisers out of the investment advisory fees it receives from each Fund.

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

However, Management receives fees from Class A and Class C under their distribution plans (each a "Plan", collectively, the "Plans") pursuant to Rule 12b-1 under the 1940 Act. The Plans provide that, as compensation for administrative and other services provided to these classes, Management's activities and expenses related to the sale

and distribution of these classes, and ongoing services provided to investors in these classes, Management receives from each of these respective classes a fee at the annual rate of 0.25% of Class A's and 1.00% of Class C's average daily net assets. Management receives this amount to provide distribution and shareholder servicing for these classes and pays a portion of it to institutions that provide such services. Those institutions may use the payments for, among other purposes, compensating employees engaged in sales and/or shareholder servicing. The amount of fees paid by each class during any year may be more or less than the cost of distribution and other services provided to that class. FINRA rules limit the amount of annual distribution fees that may be paid by a mutual fund and impose a ceiling on the cumulative distribution fees paid. The Trust's Plans comply with those rules.

Class A shares of each Fund are generally sold with an initial sales charge of up to 5.75% and no contingent deferred sales charge ("CDSC"), except that a CDSC of 1.00% applies to certain redemptions made within 18 months following purchases of $1 million or more without an initial sales charge. Class C shares of each Fund are sold with no initial sales charge and a 1.00% CDSC if shares are sold within one year after purchase.

For the period ended October 31, 2014, Management, acting as underwriter and broker-dealer, received net initial sales charges from the purchase of Class A shares and CDSCs from the redemption of Class A and Class C shares as follows:

	Underwriter				Broker-Dealer
	Net Initial Sales Charges		CDSC		Net Initial Sales Charges		CDSC
Absolute Return Multi-Manager Class A	$	83,937	$	—	$	—	$	—
Absolute Return Multi-Manager Class C		—		27,654		—		—
Long Short Multi-Manager Class A		285		—		—		—
Long Short Multi-Manager Class C		—		172		—		—

Note C—Securities Transactions:

During the period ended October 31, 2014, there were purchase and sale transactions of long-term securities (excluding swap contracts, forward foreign currency contracts, futures contracts and option contracts) as follows:

	Purchases		Securities Sold Short		Sales		Covers on Securities Sold Short
Absolute Return Multi-Manager	$	3,407,773,151	$	1,647,946,099	$	2,379,985,171	$	1,391,402,032
Long Short Multi-Manager		45,460,541		34,689,747		23,623,498		25,668,684

During the period ended October 31, 2014, no brokerage commissions on securities transactions were paid to affiliated brokers.

Note D—Fund Share Transactions:

Share activity for the period ended October 31, 2014 and for the year ended October 31, 2013 was as follows:

	For the Period Ended October 31, 2014									For the Year Ended October 31, 2013
	Shares Sold		Shares Issued on Reinvestment of Dividends and Distributions		Shares Redeemed			Total		Shares Sold		Shares Issued on Reinvestment of Dividends and Distributions		Shares Redeemed			Total
Absolute Return Multi-Manager
Institutional Class		113,457,577		238,078		(27,639,014	)		86,056,641		28,662,260		17,121		(2,140,871	)		26,538,510
Class A		37,374,025		100,758		(26,819,529	)		10,655,254		11,706,206		898		(359,746	)		11,347,358
Class C		7,568,959		16,621		(687,034	)		6,898,546		1,982,903		198		(20,340	)		1,962,761
Class R6		3,539,971		—		(592,168	)		2,947,803		—		—		—			—
Long Short Multi-Manager
Institutional Class⁽¹⁾		3,102,815		—		(136,312	)		2,966,503		—		—		—			—
Class A⁽¹⁾		126,914		—		(43,228	)		83,686		—		—		—			—
Class C⁽¹⁾		26,084		—		(1,777	)		24,307		—		—		—			—

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

This page has been left blank intentionally

Financial Highlights

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

	Net Asset Value, Beginning of Period		Net Investment Income (Loss)^@			Net Gains or Losses on Securities (both realized and unrealized)		Total From Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Tax Return of Capital		Total Distributions			Net Asset Value, End of Period		Total Return^††			Net Assets, End of Period (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Gross Expenses to Average Net Assets (excluding dividend and interest expenses on securities sold short)			Ratio of Net Expenses to Average Net Assets			Ratio of Net Expenses to Average Net Assets (excluding dividend and interest expenses on securities sold short)			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate (including securities sold short)			Portfolio Turnover Rate (excluding securities sold short)
Absolute Return Multi-Manager Fund
Institutional Class
10/31/14	$	10.86	$	(0.01	)	$	0.22	$	0.21		$	—		$	(0.07	)	$	—	$	(0.07	)	$	11.00		1.96	%	$	1,275.3		2.64	%		2.13	%		2.55	%^Ø		2.04	%^Ø		(0.10	%)		329	%		257	%
10/31/13	$	10.00	$	(0.08	)	$	1.00	$	0.92		$	(0.02	)	$	(0.04	)	$	—	$	(0.06	)	$	10.86		9.19	%	$	324.3		2.89	%		2.60	%		2.30	%^Ø		2.01	%^Ø		(0.74	%)		421	%		330	%
Period from 5/15/2012^{^} to 10/31/2012	$	10.00	$	(0.08	)	$	0.08	$	—		$	—		$	—		$	—	$	—		$	10.00		0.00	%**	$	33.2		7.86	%*^‡		7.50	%*^‡		2.81	%*^‡		2.45	%*^‡		(1.81	%)*^‡		270	%**		213	%**
Class A
10/31/14	$	10.82	$	(0.04	)	$	0.21	$	0.17		$	—		$	(0.07	)	$	—	$	(0.07	)	$	10.92		1.60	%	$	242.2		3.02	%		2.49	%		2.90	%^Ø		2.38	%^Ø		(0.40	%)		329	%		257	%
10/31/13	$	9.99	$	(0.12	)	$	0.99	$	0.87		$	—		$	(0.04	)	$	—	$	(0.04	)	$	10.82		8.70	%	$	124.7		3.27	%		2.99	%		2.62	%^Ø		2.34	%^Ø		(1.17	%)		421	%		330	%
Period from 5/15/2012^{^} to 10/31/2012	$	10.00	$	(0.09	)	$	0.08	$	(0.01	)	$	—		$	—		$	—	$	—		$	9.99		(0.10	%)**	$	1.8		8.67	%*^‡		8.26	%*^‡		3.22	%*^‡		2.81	%*^‡		(2.02	%)*^‡		270	%**		213	%**
Class C
10/31/14	$	10.71	$	(0.13	)	$	0.21	$	0.08		$	—		$	(0.07	)	$	—	$	(0.07	)	$	10.72		0.77	%	$	95.3		3.77	%		3.26	%		3.66	%^Ø		3.15	%^Ø		(1.18	%)		329	%		257	%
10/31/13	$	9.95	$	(0.21	)	$	1.01	$	0.80		$	—		$	(0.04	)	$	—	$	(0.04	)	$	10.71		8.03	%	$	21.3		4.01	%		3.72	%		3.38	%^Ø		3.09	%^Ø		(1.94	%)		421	%		330	%
Period from 5/15/2012^{^} to 10/31/2012	$	10.00	$	(0.13	)	$	0.08	$	(0.05	)	$	—		$	—		$	—	$	—		$	9.95		(0.50	%)**	$	0.2		13.12	%*^‡		12.74	%*^‡		3.94	%*^‡		3.56	%*^‡		(2.86	%)*^‡		270	%**		213	%**

See Notes to Financial Highlights

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Period		Net Investment Income (Loss)^@			Net Gains or Losses on Securities (both realized and unrealized)		Total From Investment Operations		Dividends from Net Investment Income		Distributions from Net Realized Capital Gains		Tax Return of Capital		Total Distributions		Net Asset Value, End of Period		Total Return^††			Net Assets, End of Period (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Gross Expenses to Average Net Assets (excluding dividend and interest expenses on securities sold short)			Ratio of Net Expenses to Average Net Assets			Ratio of Net Expenses to Average Net Assets (excluding dividend and interest expenses on securities sold short)			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate (including securities sold short)			Portfolio Turnover Rate (excluding securities sold short)
Absolute Return Multi-Manager (cont'd)
Class R6
Period from 12/31/2013^{^} to 10/31/2014	$	10.99	$	0.01		$	0.01	$	0.02	$	—	$	—	$	—	$	—	$	11.01		0.18	%**	$	32.5		2.56	%*		2.08	%*		2.46	%*^Ø		1.98	%*^Ø		0.10	%*		329	%		257	%
Long Short Multi-Manager
Institutional Class
Period from 12/19/2013^{^} to 10/31/2014	$	10.00	$	(0.11	)	$	0.50	$	0.39	$	—	$	—	$	—	$	—	$	10.39		3.90	%**	$	30.8		5.09	%*^‡		4.50	%*^‡		2.64	%*^‡		2.05	%*^‡		(1.26	%)*^‡		293	%**		168	%**
Class A
Period from 12/19/2013^{^} to 10/31/2014	$	10.00	$	(0.15	)	$	0.51	$	0.36	$	—	$	—	$	—	$	—	$	10.36		3.60	%**	$	0.9		5.87	%*^‡		5.30	%*^‡		2.99	%*^‡		2.42	%*^‡		(1.66	%)*^‡		293	%**		168	%**
Class C
Period from 12/19/2013^{^} to 10/31/2014	$	10.00	$	(0.21	)	$	0.50	$	0.29	$	—	$	—	$	—	$	—	$	10.29		2.90	%**	$	0.3		8.18	%*^‡		7.59	%*^‡		3.73	%*^‡		3.15	%*^‡		(2.34	%)*^‡		293	%**		168	%**

See Notes to Financial Highlights

Notes to Financial Highlights

@ Calculated based on the average number of shares outstanding during the fiscal period.

†† Total return based on per share NAV reflects the effects of changes in NAV on the performance of each Fund during the fiscal period. Returns assume income dividends and other distributions, if any, were reinvested, but do not reflect the effect of sales charges. Results represent past performance and do not indicate future results. Current returns may be lower or higher than the performance data quoted. Investment returns and principal may fluctuate and shares when redeemed may be worth more or less than original cost. Total return would have been lower if Management had not reimbursed certain expenses.

# Represents the annualized ratios of net expenses to average daily net assets if Management had not reimbursed certain expenses and/or waived a portion of the investment management fee.

‡ Organization expense, which is a non-recurring expense, is included in these ratios on a non-annualized basis.

** Not annualized.

* Annualized.

^ The date investment operations commenced.

Ø After reimbursement of expenses and/or waiver of a portion of the investment management fee by Management. The Fund is required to calculate an expense ratio without taking into consideration any expense reductions related to expense offset arrangements. Had the Fund not received expense reductions related to expense offset arrangements, the annualized ratios of net expenses to average daily net assets would have been:

	Including Expenses on Securities Sold Short			Excluding Expenses on Securities Sold Short			Including Expenses on Securities Sold Short			Excluding Expenses on Securities Sold Short
	Year Ended October 31, 2014						Year Ended October 31, 2013
Absolute Return Multi-Manager Fund Institutional Class		2.55	%		2.04	%		2.30	%		2.01	%
Absolute Return Multi-Manager Fund Class A		2.90	%		2.38	%		2.63	%		2.35	%
Absolute Return Multi-Manager Fund Class C		3.66	%		3.15	%		3.39	%		3.10	%
Absolute Return Multi-Manager Fund Class R6		2.46	%		1.98	%		—			—

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Neuberger Berman Alternative Funds and Shareholders of
Neuberger Berman Absolute Return Multi-Manager Fund
Neuberger Berman Long Short Multi-Manager Fund

We have audited the accompanying statements of assets and liabilities of Neuberger Berman Absolute Return Multi-Manager Fund and Neuberger Berman Long Short Multi-Manager Fund (the "Funds"), two of the series constituting the Neuberger Berman Alternative Funds, (the "Funds"), including the schedules of investments, as of October 31, 2014, and the related statement of operations, the statements of changes in net assets, and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds' internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2014 by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Neuberger Berman Absolute Return Multi-Manager Fund and Neuberger Berman Long Short Multi-Manager Fund, at October 31, 2014, the results of their operations, the changes in their net assets, and the financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Boston, Massachusetts
December 29, 2014

Directory

Investment Manager, Administrator and Distributor

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

Sub-Advisers

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

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

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

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

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

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

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

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

Loeb Arbitrage Management LP
125 Broad
New York, NY 10006

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

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

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

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

Custodian

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

Shareholder Servicing Agent

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

For Institutional Class Shareholders
Address correspondence to:

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

For Class A, Class C and Class R6 Shareholders:

Please contact your investment provider

Legal Counsel

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

Independent Registered Public Accounting Firm

Ernst & Young LLP
200 Clarendon Street
Boston, MA 02116

Trustees and Officers

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

Information about the Board of Trustees

Name, (Year of Birth), and Address⁽¹⁾	Position(s) and Length of Time Served⁽²⁾	Principal Occupation(s)⁽³⁾	Number of Funds in Fund Complex Overseen by Fund Trustee		Other Directorships Held Outside Fund Complex by Fund Trustee⁽³⁾
Independent Trustees
Faith Colish (1935)	Trustee since inception	Counsel, Carter Ledyard & Milburn LLP (law firm) since October 2002; formerly, Attorney-at-Law and President, Faith Colish, A Professional Corporation, 1980 to 2002.		59	Formerly, Director, 1997 to 2003, and Advisory Director, 2003 to 2006, ABA Retirement Funds (formerly, American Bar Retirement Association) (not-for-profit membership corporation).
Martha C. Goss (1949)	Trustee since 2007	President, Woodhill Enterprises Inc./Chase Hollow Associates LLC (personal investment vehicle), since 2006; formerly, Consultant, Resources Global Professionals (temporary staffing), 2002 to 2006.		59	Director, American Water (water utility), since 2003; Director, Allianz Life of New York (insurance), since 2005; Director, Berger Group Holdings, Inc. (engineering consulting firm), since 2013; Director, Financial Women's Association of New York (not-for-profit association), since 2003; Trustee Emerita, Brown University, since 1998; Director, Museum of American Finance (not-for-profit), since 2013; formerly, Non-Executive Chair and Director, Channel Reinsurance (financial guaranty reinsurance), 2006 to 2010; formerly, Director, Ocwen Financial Corporation (mortgage servicing), 2005 to 2010; formerly, Director, Claire's Stores, Inc. (retailer), 2005 to 2007; formerly, Director, Parsons Brinckerhoff Inc. (engineering consulting firm), 2007 to 2010; formerly, Director, Bank Leumi (commercial bank), 2005 to 2007; formerly, Advisory Board Member, Attensity (software developer), 2005 to 2007.

Name, (Year of Birth), and Address⁽¹⁾	Position(s) and Length of Time Served⁽²⁾	Principal Occupation(s)⁽³⁾	Number of Funds in Fund Complex Overseen by Fund Trustee		Other Directorships Held Outside Fund Complex by Fund Trustee⁽³⁾
Michael M. Knetter (1960)	Trustee since 2007	President and Chief Executive Officer, University of Wisconsin Foundation, since October 2010; formerly, Dean, School of Business, University of Wisconsin—Madison; formerly, Professor of International Economics and Associate Dean, Amos Tuck School of Business—Dartmouth College, 1998 to 2002.		59	Board Member, American Family Insurance (a mutual company, not publicly traded), since March 2009; formerly, Trustee, Northwestern Mutual Series Fund, Inc., 2007 to 2011; formerly, Director, Wausau Paper, 2005 to 2011; formerly, Director, Great Wolf Resorts, 2004 to 2009.
Howard A. Mileaf (1937)	Trustee since 1984	Retired; formerly, Vice President and General Counsel, WHX Corporation (holding company), 1993 to 2001.		59	Formerly, Director, Webfinancial Corporation (holding company), 2002 to 2008; formerly, Director, WHX Corporation (holding company), 2002 to 2005; formerly, Director, State Theatre of New Jersey (not-for-profit theatre), 2000 to 2005.
George W. Morriss (1947)	Trustee since 2007	Adjunct Professor, Columbia University School of International and Public Affairs, since October 2012; formerly, Executive Vice President and Chief Financial Officer, People's Bank, Connecticut (a financial services company), 1991 to 2001.		59	Director and Treasurer, National Association of Corporate Directors, Connecticut Chapter, since 2011; Trustee, Steben Alternative Investment Funds, Steben Select Multi-Strategy Fund and Steben Select Multi-Strategy Master Fund, since 2013; formerly, Manager, Larch Lane Multi-Strategy Fund complex (which consisted of three funds), 2006 to 2011; formerly, Member, NASDAQ Issuers' Affairs Committee, 1995 to 2003.

Name, (Year of Birth), and Address⁽¹⁾	Position(s) and Length of Time Served⁽²⁾	Principal Occupation(s)⁽³⁾	Number of Funds in Fund Complex Overseen by Fund Trustee		Other Directorships Held Outside Fund Complex by Fund Trustee⁽³⁾
Tom D. Seip (1950)	Trustee since inception; Chairman of the Board since 2008; formerly, Lead Independent Trustee from 2006 to 2008	General Partner, Ridgefield Farm LLC (a private investment vehicle); formerly, President and CEO, Westaff, Inc. (temporary staffing), May 2001 to January 2002; formerly, Senior Executive, The Charles Schwab Corporation, 1983 to 1998, including Chief Executive Officer, Charles Schwab Investment Management, Inc.; Trustee, Schwab Family of Funds and Schwab Investments, 1997 to 1998; and Executive Vice President-Retail Brokerage, Charles Schwab & Co., Inc., 1994 to 1997.		59	Director, H&R Block, Inc. (financial services company), since May 2001; Chairman, Governance and Nominating Committee, H&R Block, Inc., since 2011; formerly, Chairman, Compensation Committee, H&R Block, Inc., 2006 to 2010; formerly, Director, Forward Management, Inc. (asset management company), 1999 to 2006.
Candace L. Straight (1947)	Trustee since inception	Private investor and consultant specializing in the insurance industry; formerly, Advisory Director, Securitas Capital LLC (a global private equity investment firm dedicated to making investments in the insurance sector), 1998 to 2003.		59	Public Member, Board of Governors and Board of Trustees, Rutgers University, since 2011; Director, Montpelier Re Holdings Ltd. (reinsurance company), since 2006; formerly, Director, National Atlantic Holdings Corporation (property and casualty insurance company), 2004 to 2008; formerly, Director, The Proformance Insurance Company (property and casualty insurance company), 2004 to 2008; formerly, Director, Providence Washington Insurance Company (property and casualty insurance company), 1998 to 2006; formerly, Director, Summit Global Partners (insurance brokerage firm), 2000 to 2005.
Peter P. Trapp (1944)	Trustee since inception	Retired; formerly, Regional Manager for Mid-Southern Region, Ford Motor Credit Company, September 1997 to 2007; formerly, President, Ford Life Insurance Company, April 1995 to August 1997.		59	None.

Name, (Year of Birth), and Address⁽¹⁾	Position(s) and Length of Time Served⁽²⁾	Principal Occupation(s)⁽³⁾	Number of Funds in Fund Complex Overseen by Fund Trustee		Other Directorships Held Outside Fund Complex by Fund Trustee⁽³⁾
Trustees who are "Interested Persons"
Joseph V. Amato* (1962)	Trustee since 2009	President and Director, Neuberger Berman Group LLC, since 2009; President and Chief Executive Officer, Neuberger and Neuberger Berman Holdings LLC (including its predecessor, Neuberger Berman Inc.), since 2007; Chief Investment Officer (Equities) and Managing Director, Management, since 2009; Managing Director, Neuberger Berman Fixed Income LLC ("NBFI"), since 2007; Board member of NBFI since 2006; formerly, Global Head of Asset Management of Lehman Brothers Holdings Inc.'s ("LBHI") Investment Management Division, 2006 to 2009; formerly, member of LBHI's Investment Management Division's Executive Management Committee, 2006 to 2009; formerly, Managing Director, Lehman Brothers Inc. ("LBI"), 2006 to 2008; formerly, Chief Recruiting and Development Officer, LBI, 2005 to 2006; formerly, Global Head of LBI's Equity Sales and a Member of its Equities Division Executive Committee, 2003 to 2005.		59	Member of Board of Advisors, McDonough School of Business, Georgetown University, since 2001; Member of New York City Board of Advisors, Teach for America, since 2005; Trustee, Montclair Kimberley Academy (private school), since 2007; Member of Board of Regents, Georgetown University, since 2013.
Robert Conti* (1956)	Chief Executive Officer, President and Trustee since 2008; prior thereto, Executive Vice President in 2008 and Vice President from inception to 2008	Managing Director, Neuberger, since 2007; Managing Director, NBFI, since 2009; formerly, Senior Vice President, Neuberger, 2003 to 2006; formerly, Vice President, Neuberger, 1999 to 2003; President and Chief Executive Officer, Management, since 2008; formerly, Senior Vice President, Management, 2000 to 2008.		59	Director, Staten Island Mental Health Society, since 1994; formerly, Chairman of the Board, Staten Island Mental Health Society, 2008 to 2011.

(1) The business address of each listed person is 605 Third Avenue, New York, New York 10158.

(2) Pursuant to the Trust's Trust Instrument, each of these Trustees shall hold office for life or until his or her successor is elected or the Trust terminates; except that (a) any Trustee may resign by delivering a written resignation; (b) any Trustee may be removed with or without cause at any time by a written instrument signed by at least two-thirds of the other Trustees; (c) any Trustee who requests to be retired, or who has become unable to serve, may be retired by a written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any shareholder meeting by a vote of at least two-thirds of the outstanding shares.

(3) Except as otherwise indicated, each individual has held the positions shown for at least the last five years.

* Indicates a Trustee who is an "interested person" within the meaning of the 1940 Act. Mr. Amato and Mr. Conti are interested persons of the Trust by virtue of the fact that each is an officer of Management, Neuberger and/or their affiliates.

Information about the Officers of the Trust

Name, (Year of Birth), and Address⁽¹⁾	Position(s) and Length of Time Served⁽²⁾	Principal Occupation(s)⁽³⁾
Andrew B. Allard (1961)	Chief Legal Officer since 2013 (only for purposes of sections 307 and 406 of the Sarbanes-Oxley Act of 2002) and Anti-Money Laundering Compliance Officer since 2002	General Counsel and Senior Vice President, Management, since 2013; Senior Vice President, Neuberger, since 2006 and Employee since 1999; Deputy General Counsel, Neuberger, since 2004; formerly, Vice President, Neuberger, 2000 to 2005; formerly, Employee, Management, 1994 to 1999; Chief Legal Officer since 2013 (only for purposes of sections 307 and 406 of the Sarbanes-Oxley Act of 2002), ten registered investment companies for which Management acts as investment manager and administrator (ten since 2013); Anti-Money Laundering Compliance Officer, ten registered investment companies for which Management acts as investment manager and administrator (six since 2002, one since 2003, one since 2005, one since 2006 and one since 2013).
Claudia A. Brandon (1956)	Executive Vice President since 2008 and Secretary since inception	Senior Vice President, Neuberger, since 2007 and Employee since 1999; Senior Vice President, Management, since 2008 and Assistant Secretary since 2004; formerly, Vice President, Neuberger, 2002 to 2006; formerly, Vice President-Mutual Fund Board Relations, Management, 2000 to 2008; formerly, Vice President, Management, 1986 to 1999 and Employee 1984 to 1999; Executive Vice President, ten registered investment companies for which Management acts as investment manager and administrator (nine since 2008 and one since 2013); Secretary, ten registered investment companies for which Management acts as investment manager and administrator (three since 1985, three since 2002, one since 2003, one since 2005, one since 2006 and one since 2013).
Agnes Diaz (1971)	Vice President since 2013	Senior Vice President, Neuberger, since 2012; Employee, Management, since 1996; formerly, Vice President, Neuberger, 2007 to 2012; Vice President, ten registered investment companies for which Management acts as investment manager and administrator (ten since 2013).
Anthony DiBernardo (1979)	Assistant Treasurer since 2011	Senior Vice President, Neuberger, since 2014; Employee, Management, since 2003; formerly, Vice President, Neuberger, 2009 to 2014; Assistant Treasurer, ten registered investment companies for which Management acts as investment manager and administrator (nine since 2011 and one since 2013).
Sheila R. James (1965)	Assistant Secretary since inception	Vice President, Neuberger, since 2008 and Employee since 1999; formerly, Assistant Vice President, Neuberger, 2007; formerly, Employee, Management, 1991 to 1999; Assistant Secretary, ten registered investment companies for which Management acts as investment manager and administrator (six since 2002, one since 2003, one since 2005, one since 2006 and one since 2013).
Brian Kerrane (1969)	Vice President since 2008	Managing Director, Neuberger, since 2014; Vice President, Management, since 2008 and Employee since 1991; formerly, Senior Vice President, Neuberger, 2006 to 2014; Vice President, ten registered investment companies for which Management acts as investment manager and administrator (nine since 2008 and one since 2013).

Name, (Year of Birth), and Address⁽¹⁾	Position(s) and Length of Time Served⁽²⁾	Principal Occupation(s)⁽³⁾
Kevin Lyons (1955)	Assistant Secretary since inception	Assistant Vice President, Neuberger, since 2008 and Employee since 1999; formerly, Employee, Management, 1993 to 1999; Assistant Secretary, ten registered investment companies for which Management acts as investment manager and administrator (seven since 2003, one since 2005, one since 2006 and one since 2013).
Owen F. McEntee, Jr. (1961)	Vice President since 2008	Vice President, Neuberger, since 2006; Employee, Management, since 1992; Vice President, ten registered investment companies for which Management acts as investment manager and administrator (nine since 2008 and one since 2013).
John M. McGovern (1970)	Treasurer and Principal Financial and Accounting Officer since inception	Senior Vice President, Neuberger, since 2007; Employee, Management, since 1993; Treasurer and Principal Financial and Accounting Officer, ten registered investment companies for which Management acts as investment manager and administrator (eight since 2005, one since 2006 and one since 2013); formerly, Vice President, Neuberger, 2004 to 2006; formerly, Assistant Treasurer, eight registered investment companies for which Management acts as investment manager and administrator, 2002 to 2005.
Frank Rosato (1971)	Assistant Treasurer since inception	Vice President, Neuberger, since 2006; Employee, Management, since 1995; Assistant Treasurer, ten registered investment companies for which Management acts as investment manager and administrator (eight since 2005, one since 2006 and one since 2013).
Neil S. Siegel (1967)	Vice President since 2008	Managing Director, Management, since 2008; Managing Director, Neuberger, since 2006; Managing Director, NBFI, since 2011; formerly, Senior Vice President, Neuberger, 2004 to 2006; Vice President, ten registered investment companies for which Management acts as investment manager and administrator (nine since 2008 and one since 2013).
Chamaine Williams (1971)	Chief Compliance Officer since inception	Senior Vice President, Neuberger, since 2007; Chief Compliance Officer, Management, since 2006; Chief Compliance Officer, ten registered investment companies for which Management acts as investment manager and administrator (eight since 2005, one since 2006 and one since 2013); formerly, Senior Vice President, LBI, 2007 to 2008; formerly, Vice President, LBI, 2003 to 2006; formerly, Chief Compliance Officer, Lehman Brothers Asset Management Inc., 2003 to 2007; formerly, Chief Compliance Officer, Lehman Brothers Alternative Investment Management LLC, 2003 to 2007.

(1) The business address of each listed person is 605 Third Avenue, New York, New York 10158.

(2) Pursuant to the By-Laws of the Trust, each officer elected by the Trustees shall hold office until his or her successor shall have been elected and qualified or until his or her earlier death, inability to serve, or resignation. Officers serve at the pleasure of the Trustees and may be removed at any time with or without cause.

(3) Except as otherwise indicated, each individual has held the positions shown for at least the last five years.

Proxy Voting Policies and Procedures

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

Quarterly Portfolio Schedule

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).

Notice to Shareholders

In early 2015 you will receive information to be used in filing your 2014 tax returns, which will include a notice of the exact tax status of all distributions paid to you by a Fund during calendar year 2014. Please consult your own tax advisor for details as to how this information should be reflected on your tax returns.

For the period ended October 31, 2014, Absolute Return Multi-Manager designates $4,428,931, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for reduced tax rates. These lower rates range from 5% to 15% depending upon an individual's tax bracket. Complete information regarding the Fund's distributions during the calendar year 2014 will be reported in conjunction with Form 1099-DIV.

Board Consideration of the Existing Management and Sub-Advisory Agreements

On an annual basis, the Board of Trustees ("Board") of Neuberger Berman Alternative Funds ("Trust"), including the Trustees who are not "interested persons" of Neuberger Berman Management LLC ("Management") (including its affiliates) or the Trust ("Independent Fund Trustees"), considers whether to continue the management agreement with Management ("Management Agreement"), the advisory agreement between NB Alternative Investment Management LLC ("NBAIM") and Management ("Advisory Agreement") and separate sub-advisory agreements among Management, NBAIM and each of the following subadvisers (each a "Subadviser"): Cramer Rosenthal McGlynn, LLC, GAMCO Asset Management, Inc., Good Hill Partners LP, Lazard Asset Management LLC, Levin Capital Strategies, L.P., Loeb Arbitrage Management LP, MacKay Shields LLC, SLS Management, LLC, Sound Point Capital Management, L.P., and Visium Asset Management, LP (each, a "Sub-Advisory Agreement"; collectively with the Management Agreement and Advisory Agreement, the "Agreements") with respect to Neuberger Berman Absolute Return Multi-Manager Fund ("Fund"). At a meeting held on October 6-7, 2014, the Board, including the Independent Fund Trustees, approved the continuation of the Agreements for the Fund.

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

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

Throughout the process, the Independent Fund Trustees were advised by counsel that is experienced in Investment Company Act of 1940 matters and that is independent of Management. The Independent Fund Trustees received from independent counsel a memorandum discussing the legal standards for their consideration of the proposed continuation of the Agreements. During the course of the year and during their deliberations regarding the annual contract review, the Contract Review Committee and the Independent Fund Trustees met with such counsel separately from representatives of Management and NBAIM.

In connection with its approval of the continuation of the Agreements, the Board evaluated the overall fairness of the Agreements to the Fund and whether the Agreements were in the best interests of the Fund and its shareholders. The Board considered all factors it deemed relevant with respect to the Fund, including the following factors: (1) the nature, extent, and quality of the services provided by Management, NBAIM and the Subadvisers; (2) the investment performance of the Fund compared to an appropriate market index and a peer group of investment companies, and the contribution of each sleeve to the Fund's overall performance; (3) the costs of the services provided and the loss realized by Management, its affiliates and each Subadviser from their relationship with the Fund; (4) the extent to which economies of scale might be realized as the Fund grows; and (5) whether fee levels reflect any such potential economies of scale for the benefit of investors in the Fund.

While each Trustee may have attributed different weights to the various factors, the Board's determination to approve the continuation of the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically in connection with the annual contract review. The Board members did not identify

any particular information or factor that was all-important or controlling. The Board focused on the overall costs and benefits of the Agreements relating to the Fund and, through the Fund, its shareholders.

With respect to the nature, extent and quality of the services provided, the Board considered the investment philosophy and decision-making processes of Management, NBAIM and each Subadviser, and the qualifications, experience and capabilities of and the resources available to the portfolio management personnel of Management, NBAIM and each Subadviser who performs services for the Fund. The Board noted that Management also provides certain administrative services, including fund accounting and compliance oversight. The Board noted that Management and NBAIM, together with the Fund, had obtained from the Securities and Exchange Commission an exemptive order that permitted Management to add or replace subadvisers to the Fund without a shareholder vote, provided the Independent Fund Trustees of the Board approve the new subadviser and certain other steps are taken. In this context, the Board considered Management's and NBAIM's responsibilities for designing an overall investment program for the Fund and then identifying the Subadvisers who will carry out the different portions of that program based on NBAIM's due diligence of those Subadvisers. The Board noted that under the multi-manager arrangement, NBAIM is continually assessing the need for new subadvisers and the appropriateness of potential candidates, and noted the likelihood Management and/or NBAIM would in the future have to due diligence additional subadvisers. The Board noted that NBAIM is responsible for allocating the Fund's portfolio among the various Subadvisers and determining when and how to rebalance the allocations among the Subadvisers in the wake of disparate growth and changes in the markets and the broader economy, subject to Management's general oversight.

The Board further noted that Management and NBAIM are responsible for overseeing the Subadvisers pursuant to the Agreements and related subadviser oversight policies and procedures approved by the Board. Under these procedures, NBAIM is responsible for overseeing the investment performance of the Subadvisers and evaluating the risk and return of each Subadviser and the Fund as a whole, in addition to other significant oversight responsibilities, subject to Management's general oversight. The Board also considered that Management's responsibilities include daily monitoring of investment, operational, enterprise, legal, regulatory and compliance risks as they relate to the Fund, and considered information regarding Management's process for managing risk. In addition, the Board noted the positive compliance history of Management and NBAIM, as no significant compliance problems were reported to the Board with respect to either firm. The Board also considered the experience and staffing of the portfolio management and investment research personnel of NBAIM, and the general structure of the portfolio manager compensation program and whether this structure provides appropriate incentives to act in the best interests of the Fund. The Board also considered the size and scope of the activities necessary to periodically evaluate the compliance programs and other operational aspects of each Subadviser. In addition, the Board considered the scope and compliance history of the compliance programs of Management, NBAIM and each Subadviser, including the Fund's Chief Compliance Officer's and NBAIM's assessment of the compliance programs of the Subadvisers. The Board also considered whether there were any pending lawsuits, enforcement proceedings or regulatory investigations involving Management, NBAIM or any Subadviser, and reviewed information regarding their financial condition, history of operations and any conflicts of interests in managing the Fund. As in past years, the Board also considered the manner in which Management addressed various non-routine matters that arose during the year, some of them a result of developments in the broader fund industry or the regulations governing it. In addition, the Board considered actions taken by Management, NBAIM and the Subadvisers in response to recent market conditions, including actions taken in response to regulatory concerns about changes in fixed-income market liquidity and potential volatility, and considered the overall performance of Management, NBAIM and the Subadvisers in this context.

The Board considered the policies and practices regarding brokerage and allocation of portfolio transactions of each of the Subadvisers and noted that Management and NBAIM monitored the quality of the execution services provided by each Subadviser. The Board also reviewed whether the Subadvisers would use brokers to execute Fund transactions that provide research and other services to the Subadviser, and the types of benefits potentially derived from such services by the Subadviser, the Fund and other clients of the Subadviser.

With respect to investment performance, the Board considered information regarding the Fund's performance on both an absolute basis and relative to an appropriate market index and the average performance of a composite peer group (as

constructed by an independent organization) of investment companies pursuing broadly similar strategies. The Board also considered information regarding each Subadviser's performance. The Board also reviewed the Fund's performance in relation to certain measures of the degree of investment risk undertaken by the Subadvisers. The Board factored into its evaluation of the Fund's performance the limitations inherent in the methodology for constructing peer groups and determining which investment companies should be included in which peer groups. In this regard, the Board noted that performance, especially short-term performance, is only one of the factors that it deems relevant to its consideration of the Fund's Agreements and that, after considering all relevant factors, it may be appropriate to approve the continuation of the Agreements notwithstanding a Subadviser's underperformance.

With respect to the overall fairness of the Agreements, the Board considered the fee structure for the Fund under the Agreements as compared to a peer group of comparable funds and any fall-out benefits likely to accrue to Management and NBAIM or their affiliates from their relationship with the Fund. The Board also considered the profitability of Management and its affiliates from their association with the Fund, profitability broken out between the investment management and administrative portions of the services provided, and year-over-year changes in each of Management's reported expense categories.

The Board reviewed a comparison of the Fund's management fee and overall expense ratio to a peer group of broadly comparable funds. The Board noted that the comparative management fee analysis includes, in the Fund's management fee, the separate administrative fee paid to Management, but it was not clear whether this was the case for all funds in the peer group. The Board considered the mean and median of the management fees and expense ratios of the peer group. Noting that the Fund's management fee was higher than the peer group mean and median, the Board considered whether specific portfolio management, administration or oversight needs contributed to the management fee. The Board noted that Management incurred a loss on the Fund during the review period. In addition, the Board considered the contractual limit on expenses for each class of the Fund. Management indicated that similar comparative information was not available with respect to the amount paid to NBAIM or to each Subadviser. The Board did, however, consider the allocation of duties and responsibilities among Management, NBAIM, and the Subadvisers and, in light of that, the amount of fees retained by each. The Board noted, however, that Management, and not the Fund, pays the fee to NBAIM and the Subadvisers. In this connection, the Board considered whether there are other business arrangements between Management or NBAIM and any Subadviser that could give rise to potential conflicts in the selection of subadvisers. The Board considered the fees the Subadvisers charge for similar products, if any. The Board also considered fees charged to an unregistered fund of funds managed by NBAIM that uses some of the same strategies used by the Fund and noted differences that reduced the usefulness of the comparison. The Board also evaluated any apparent or anticipated economies of scale in relation to the services Management provides to the Fund. The Board considered that the Fund's fee structure provides for a reduction of payments resulting from the use of breakpoints and whether those breakpoints are set at appropriate asset levels. It also considered whether the fee was set at an appropriate level and compared the fee structure to that of the peer group. In concluding that the benefits accruing to Management and its affiliates by virtue of their relationship with the Fund were reasonable in light of the costs of providing the investment advisory and other services and the benefits accruing to the Fund, the Board reviewed specific data as to Management's loss on the Fund for a recent period. The Board also carefully examined Management's cost allocation methodology. It also considered whether any of the Sub-Advisory Agreements will provide for breakpoints in the fees and, as a general matter, the way in which such breakpoints should factor into the fees paid by the Fund. The Board recognized that Management, NBAIM, and the Subadvisers should each be entitled to earn a reasonable level of profits for services they provide to the Fund, and, based on its review, concluded that the reported level of profitability of Management, NBAIM, and the Subadvisers, if any, was reasonable.

Conclusions as to Existing Agreements

In approving the Agreements, the Board concluded that each Agreement is fair and reasonable to the Fund and that approval of the Agreements is in the best interests of the Fund and its shareholders. In reaching this determination, the Board considered that Management, NBAIM, and each Subadviser could be expected to provide a high level of service to the Fund; that the performance of the Fund was satisfactory over time, or, in the case of an underperforming Subadviser,

that it retained confidence in the Subadviser's capabilities to manage the Fund; that the Fund's fee structure appeared to the Board to be reasonable given the nature, extent and quality of services provided; and that the benefits accruing to Management and its affiliates by virtue of their relationship with the Fund were reasonable in light of the costs of providing the investment advisory and other services and the benefits accruing to the Fund. The Board's conclusions may be based in part on its consideration of materials prepared in connection with the approval or continuance of the Agreements in prior years and on the Board's ongoing regular review of Fund performance and operations throughout the year, in addition to material prepared specifically for the most recent annual review of the Agreements.

Board Consideration of Additional Sub-Advisory Agreements

At meetings held on October 6-7, the Board of Trustees ("Board") of Neuberger Berman Alternative Funds ("Trust"), including the Trustees who are not "interested persons" of Neuberger Berman Management LLC ("Management") (including its affiliates) or the Trust ("Independent Fund Trustees"), considered and approved the separate sub-advisory agreements ("Sub-Advisory Agreements") among Management, NB Alternative Investment Management LLC ("NBAIM") and each of Blue Jay Capital Management, LLC and Cloud Gate Capital LLC (each an "Additional Subadviser"), each of which would be responsible for managing a portion of the assets of Neuberger Berman Absolute Return Multi-Manager Fund and Neuberger Berman Long Short Multi-Manager Fund (each a "Fund").

In evaluating the Sub-Advisory Agreements, the Board, including the Independent Trustees, reviewed materials furnished by each Additional Subadviser. In addition, the Board, including the Independent Trustees, met with senior representatives of each Additional Subadviser regarding its personnel and operations. The Independent Trustees were advised by counsel that is experienced in 1940 Act matters and that is independent of Management and NBAIM.

The Board noted that Management and NBAIM, together with the Funds, had received an order from the SEC that permits Management to add or replace subadvisers to the Funds without a shareholder vote, provided the Independent Trustees approve the new subadviser and certain other steps are taken. In this context, the Board considered Management's and NBAIM's responsibilities for designing an overall investment program for each Fund and then identifying the subadvisers who will carry out the different portions of that program based on the NBAIM's due diligence of those subadvisers. The Board further noted that Management and NBAIM, pursuant to their agreements with each Fund and related subadviser oversight policies and procedures approved by the Board, are responsible for overseeing the subadvisers.

The Board evaluated the overall fairness of the Agreements to each Fund and whether the Agreements were in the best interests of each Fund and its shareholders. The Board considered the following factors with respect to each Fund, among others, in connection with its approval of the Sub-Advisory Agreements: (1) the nature, extent, and quality of the services to be provided by each Additional Subadviser; and (2) the expected costs of the services to be provided. In their deliberations, the Board members did not identify any particular information that was all-important or controlling, and each Trustee may have attributed different weights to the various factors.

The Board received and considered information regarding the nature, extent and quality of services to be provided to each Fund by each Additional Subadviser under the Sub-Advisory Agreements. The Board considered the experience and staffing of the portfolio management and investment research personnel of each Additional Subadviser who would perform services for the Funds, as well as the resources available to each. With respect to each Additional Subadviser, the Board reviewed the performance for accounts managed by the Additional Subadviser that were substantially similar in strategy to the strategy the Additional Subadviser will use for the Funds, noting that the accounts may not be subject to the same 1940 Act restrictions as the Funds. The Board considered the policies and practices regarding brokerage and allocation of portfolio transactions of each of the Additional Subadvisers and noted that Management and NBAIM would monitor the quality of the execution services provided by each Additional Subadviser.

The Board also reviewed whether the Additional Subadvisers would use brokers to execute transactions for each Fund that provide research and other services to the Additional Subadviser, and the types of benefits potentially derived from such services by the Additional Subadviser, the Funds and other clients of the Additional Subadviser. The Board also considered the compliance programs and compliance history of each Additional Subadviser, including the Fund's Chief

Compliance Officer's and NBAIM's assessment of the compliance programs of the Additional Subadvisers. The Board also considered whether there were any pending lawsuits, enforcement proceedings or regulatory investigations involving an Additional Subadviser, and reviewed information regarding their financial condition, history of operations and any conflicts of interests in managing the Funds.

With respect to the overall fairness of the Sub-Advisory Agreements, the Board had previously considered each Fund's fee structure as compared to a peer group of comparable funds and any fall-out benefits likely to accrue to Management or its affiliates. Management indicated that similar comparative information was not available with respect to the amount paid to each Additional Subadviser. The Board did, however, consider an estimate of the costs of the services to be provided and estimated profits or losses that would be realized by each Additional Subadviser, as well as the fees each Additional Subadviser charges for similar products. The Board noted, however, that Management, and not the Funds, pays the fee to the Additional Subadvisers and therefore the fees charged by the Additional Subadvisers will not change the overall expenses of each Fund. The Board also considered whether there are other business arrangements between Management or NBAIM and any Additional Subadviser that could give rise to potential conflicts. It considered whether the Sub-Advisory Agreements will or should provide for breakpoints in the fees and, as a general matter, the way in which any such breakpoints should factor into the fees paid by each Fund.

Conclusions as to Additional Sub-Advisory Agreements

In approving the Sub-Advisory Agreements, the Board concluded that each Sub-Advisory Agreement is fair and reasonable and that approval of the Agreements is in the best interests of each Fund and its shareholders. In reaching this determination, the Board considered that each Additional Subadviser could be expected to provide a high level of service to each Fund; that each Additional Subadviser's fees appeared to the Board to be reasonable given the nature and quality of services expected to be provided; and that the expected benefits accruing to each Additional Subadviser and its affiliates and Management and its affiliates by virtue of their relationship with the Funds were reasonable in light of the expected costs of providing the sub-advisory services and the expected benefits accruing to each Fund.

100

Investment manager: Neuberger Berman Management LLC

Investment adviser: NB Alternative Investment Management LLC

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

Statistics and projections in this report are derived from sources deemed to be reliable but cannot be regarded as a representation of future results of the Funds. This report is prepared for the general information of shareholders and is not an offer of shares of the Funds. Shares are sold only through the currently effective prospectus, which must precede or accompany this report.

M0257 12/14

Neuberger Berman
Alternative and Multi-Asset Class Funds

Institutional Class Shares
Class A Shares
Class C Shares

Flexible Select Fund

Global Allocation Fund

Inflation Navigator Fund
(Formerly Dynamic Real Return Fund)

Long Short Fund

Annual Report

October 31, 2014

Contents

THE FUNDS
President's Letter			1
PORTFOLIO COMMENTARY
Flexible Select Fund			2
Global Allocation Fund			6
Inflation Navigator Fund (Formerly Dynamic Real Return Fund)			9
Long Short Fund			12
FUND EXPENSE INFORMATION			18
SCHEDULE OF INVESTMENTS/TOP TEN HOLDINGS
Flexible Select Fund			20
Global Allocation Fund			25
Positions by Industry			29
Inflation Navigator Fund (Formerly Dynamic Real Return Fund)			31
Long Short Fund			35
FINANCIAL STATEMENTS			47
FINANCIAL HIGHLIGHTS (ALL CLASSES)/ PER SHARE DATA
Flexible Select Fund			79
Global Allocation Fund			79
Inflation Navigator Fund (Formerly Dynamic Real Return Fund)			81
Long Short Fund			81
Reports of Independent Registered Public Accounting Firms			86
Directory			88
Trustees and Officers			89
Proxy Voting Policies and Procedures			96
Quarterly Portfolio Schedule			96
Notice to Shareholders			97
Board Consideration of the Management and Sub-Advisory Agreements			98

The "Neuberger Berman" name and logo are registered service marks of Neuberger Berman Group LLC. "Neuberger Berman Management LLC" and the individual Fund names in this piece are either service marks or registered service marks of Neuberger Berman Management LLC. ^©2014 Neuberger Berman Management LLC. All rights reserved.

President's Letter

Dear Shareholder,

I am pleased to present this annual shareholder report for Neuberger Berman Flexible Select Fund, Neuberger Berman Global Allocation Fund, Neuberger Berman Inflation Navigator Fund and Neuberger Berman Long Short Fund.

The global financial markets faced a number of challenges during the reporting period, but generally produced positive results. After a lengthy period of relatively low volatility, the markets experienced sharp fluctuations at times over the 12 months ended October 31, 2014. This was triggered by a number of factors, including signs of moderating global growth, uncertainty regarding future central bank monetary policy and several geopolitical issues. While U.S. equities largely overcame these challenges and posted strong returns during the period, emerging market equities produced only a modest gain and international developed market equities were largely flat. After a difficult start, the fixed income market rallied and generated a positive return for the period. Among the best performers were emerging market debt, high yield and investment grade corporate bonds.

Looking ahead, while growth in many other developed countries—including those in the eurozone and Japan—are facing stiff challenges, the U.S. economy appears to be on relatively solid footing. Against this backdrop, the U.S. Federal Reserve concluded its third round of quantitative easing in October 2014 and all eyes are on when the central bank will begin raising interest rates. In contrast, the European Central Bank and Bank of Japan are anticipated to remain highly accommodative. Elsewhere, growth in China has moderated, which could impact growth in many developing countries. While the markets could remain volatile in the coming year, we believe this could lead to attractive opportunities for long-term investors.

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

Sincerely,

ROBERT CONTI
PRESIDENT AND CEO
NEUBERGER BERMAN MUTUAL FUNDS

Flexible Select Fund Commentary (Unaudited)

Neuberger Berman Flexible Select Fund Institutional Class generated an 11.16% total return for the 12 months ended October 31, 2014, but underperformed its benchmark, the Russell 3000^® Index, which provided a 16.07% return. (Performance for all share classes is provided in the table immediately following this letter.)

The Fund seeks to provide long-term capital appreciation with lower volatility than the broader equity market, with a focus on mitigating downside risk. To pursue this objective, the Fund combines the core securities selected by a diversified group of experienced Neuberger Berman portfolio managers, who have the flexibility to use an all-cap, all style equity approach in addition to the incidental use of cash and bonds in an attempt to decrease risk. As of October 31, 2014, the allocation was 86.3% equity, 6.5% fixed income and 7.2% cash and cash equivalents.

While volatility in the equity markets has picked up in recent months, a number of macroeconomic factors have served as a reminder to us that growth in the United States has been moving in the right direction. Solid GDP growth (3.5% initial reading for the third quarter of 2014, following a 4.6% increase in the second quarter), an improving job market, and positive indicators in housing, earnings, and factory activity have all generally continued to point to a strengthening U.S. economy. The U.S. Federal Reserve (Fed) ended its bond buying program in October, as was widely expected. Growth in other regions of the world—particularly China and Europe—has meanwhile slowed down in recent months, and global central bank policy has started to diverge. The dollar has gained strength in anticipation of continuing divergence among global central bank policies.

The presence of cash and fixed income in the portfolio detracted from returns relative to the benchmark over the course of the fiscal year. However, cash and bonds have helped keep the portfolio's volatility at roughly 85% that of the benchmark.

In the equity portion of the portfolio, the Energy sector had the largest negative contribution to relative performance during the 12-month period. The overweight to oil-price-sensitive sectors (energy producers and oil services companies) detracted from performance during a period of declining oil prices. The second-largest negative contribution came from the Information Technology sector—in particular, underweights to select social media names and a large device manufacturer. Security selection had a negative contribution to relative performance in six of the 10 GICS (Global Industry Classification Standard) sectors. The largest positive security selection contribution came from Industrials, including contributions from two holdings in the transportation and aerospace industries.

From a sector perspective, the Industrials sector has been the portfolio's largest overweight versus the benchmark. Our portfolio managers are optimistic about the momentum of the U.S. economy and believe there is a trend towards re-industrialization in the U.S. Within the sector, they are overweighted in the theme of transportation. The portfolio managers' second largest overweight during the fiscal year period was to the Energy sector. They continue to find this sector attractive for the longer term and favor exploration and production oil companies, as well as natural gas companies that can take advantage of unconventional drilling technology. We are optimistic about the prospects for energy independence in the U.S. in light of the new technologies. The portfolio is also overweighted to Materials and Utilities.

The portfolio's largest underweight continues to be Financials, a sector the portfolio managers see as "under-earning and over-regulated." Within the sector, the portfolio managers continue to be generally negative on banks but are overweighted to exchanges and select specialty real estate investment trusts. The portfolio's second-largest underweight is Consumer Staples, which many of the portfolio managers currently find expensive. Other underweight sectors include Information Technology, Telecommunication Services and Consumer Discretionary.

Overall, we are optimistic on the equity markets. In our view, low commodity prices, a stronger dollar, improving earnings expectations and solid leading economic indicators are contributing to a relatively benign backdrop for equities. While the Fed looks likely to start raising interest rates next year, we generally believe that central bank policy will continue to be supportive and that any policy normalization would be accompanied by stronger economic conditions.

However, with the Russell 3000 up 9.9% year to date (through October 31, 2014), slowing growth in Europe and China, and continuing geopolitical uncertainties, the path forward may be a bit uneven.

Sincerely,

JOSEPH V. AMATO
PORTFOLIO MANAGER

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

The portfolio composition, industries and holdings of the Fund are subject to change.

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

Flexible Select Fund (Unaudited)

TICKER SYMBOLS

Institutional Class				NFLIX
Class A				NFLAX
Class C				NFLCX

SECTOR ALLOCATION

(as a % of Total Investments)
Consumer Discretionary	10.3	%
Consumer Staples	5.2
Energy	9.3
Financials	12.7
Health Care	12.8
Industrials	12.4
Information Technology	15.0
Materials	4.6
Telecommunication Services	0.8
Utilities	3.4
Mutual Funds	6.3
Other	0.0
Short-Term Investments	7.2
Total	100.0	%

PERFORMANCE HIGHLIGHTS

		Average Annual Total Return Ended 10/31/2014
	Inception Date	1 Year			Life of Fund
At NAV
Institutional Class	05/31/2013		11.16	%		13.71	%
Class A	05/31/2013		10.80	%		13.31	%
Class C	05/31/2013		9.88	%		12.42	%
With Sales Charge
Class A			4.41	%		8.69	%
Class C			8.88	%		12.42	%
Index
Russell 3000^® Index^1,2			16.07	%		17.19	%

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 2013 were 1.75%, 4.85% and 6.46% for Institutional Class, Class A and Class C shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios were 0.85%, 1.21% and 1.96% for Institutional Class, Class A and Class C shares, respectively, after expense reimbursements and/or fee waivers. The expense ratios for fiscal year 2014 can be found in the Financial Highlights section of this report.

Flexible Select Fund (Unaudited)

COMPARISON OF A $1,000,000 INVESTMENT

(000's omitted)

Global Allocation Fund Commentary (Unaudited)

Neuberger Berman Global Allocation Fund¹ Institutional Class generated a 1.37% total return for the 12 months ended October 31, 2014 but underperformed its custom benchmark, a 50/50 combination of the MSCI World Index and the J.P. Morgan Global Government Bond Index, which provided a 4.26% return for the period. (Performance for all share classes is provided in the table immediately following this letter.)

Despite periods of heightened volatility, the global financial markets largely generated positive results during the reporting period. Investor sentiment was challenged at times over concerns about global growth, uncertainties regarding future monetary policy and a host of geopolitical issues. Regardless of these headwinds, U.S. equities rallied sharply during the period, whereas international developed equities were largely flat and emerging market equities posted a modest gain. Within the fixed income market, most non-Treasury securities produced positive returns and outperformed equal-duration Treasuries. Elsewhere, the currency markets fluctuated, partially driven by diverging central bank monetary policy, which prompted a sharp rally for the U.S. dollar toward the end of the reporting period.

Equity security selection strategy detracted from the Fund's performance during the period. In particular, holdings in the Information Technology and Consumer Discretionary sectors, along with some short positions in real estate investment trusts, were negative for results. On the other hand, security selection in the Industrials and Materials sectors added the most value. On a regional basis, equity holdings in the U.S. were a drag on performance, whereas security selection in the UK and Japan enhanced the Fund's returns.

Overall, our asset allocation strategy contributed to results. Equity positioning added the most value, while fixed income and currency positioning were modestly additive. From an equity perspective, positioning in the U.S. and Australia benefited performance, whereas positioning in Hong Kong detracted from results. Within the fixed income market, the positive impact from U.S. Treasuries and UK gilts was partially offset by an underweight to Canadian bonds. Finally, looking at the Fund's currency exposures, negative views on the Japanese yen as well as euro positioning were beneficial for results, whereas a generally bearish view on the Canadian dollar was a drag on performance. The Fund's macro positioning in fixed income securities was implemented primarily through derivatives, such as futures contracts on government bonds and derivatives on broad-based fixed income indices. The Fund's positioning in equity markets and its currency exposure were obtained through the use of derivatives such as futures, swap contracts and forwards. The Fund's use of derivatives contributed to performance.

Looking ahead, we anticipate a number of potential headwinds for the short-term performance in the global equity market. These include signs of moderating global growth, our expectations for shifting monetary policy in the U.S., and geopolitical issues. There are also questions regarding reforms in China, the eurozone and Japan. Against this backdrop, we may move to increase our allocations to U.S. Treasuries and UK gilts. Within the currency market, we maintain our bearish views on the euro and yen, whereas we have an overall positive outlook for the U.S. dollar.

Sincerely,

WAI LEE, ALEXANDRE DA SILVA, PING ZHOU, JOSEPH V. AMATO AND BRADLEY TANK
PORTFOLIO CO-MANAGERS

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

The portfolio composition, industries and holdings of the Fund are subject to change.

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

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

Global Allocation Fund (Unaudited)

TICKER SYMBOLS

Institutional Class				NGLIX
Class A				NGLAX
Class C				NGLCX

PERFORMANCE HIGHLIGHTS³

		Average Annual Total Return Ended 10/31/2014
	Inception Date	1 Year			Life of Fund
At NAV
Institutional Class	12/29/2010		1.37	%		7.30	%
Class A	12/29/2010		1.03	%		6.93	%
Class C	12/29/2010		0.30	%		6.13	%
With Sales Charge
Class A			–4.82	%		5.30	%
Class C			–0.63	%		6.13	%
Index
50% MSCI World Index and 50% J.P. Morgan Global Government Bond Index^1,2			4.26	%		6.44	%
MSCI World Index^1,2			9.25	%		10.86	%

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 2013 were 3.24%, 3.60% and 4.37% for Institutional Class, Class A and Class C shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios were 1.48%, 1.85% and 2.59% for Institutional Class, Class A and Class C shares, respectively, after expense reimbursements and/or fee waivers. The expense ratios for fiscal year 2014 can be found in the Financial Highlights section of this report.

Global Allocation Fund (Unaudited)

COMPARISON OF A $1,000,000 INVESTMENT

(000's omitted)

Inflation Navigator Fund Commentary* (Unaudited)

Neuberger Berman Inflation Navigator Fund Institutional Class generated a 5.73% total return for the 12 months ended October 31, 2014. During this same time period, the Barclays U.S. 1-10 Year Treasury Inflation-Protected Securities (TIPS) Index provided a 0.60% return while the U.S. Consumer Price Index (CPI) was up 1.7%.¹ (Performance for all share classes is provided in the table immediately following this letter.)

Despite periods of heightened volatility, the global financial markets largely generated positive results during the reporting period. Investor sentiment was challenged at times over concerns about global growth, uncertainties regarding future monetary policy and a host of geopolitical issues. Regardless of these headwinds, U.S. equities rallied sharply during the period, whereas international developed equities were largely flat and emerging market equities posted a modest gain. Short-term U.S. Treasury yields moved higher and longer-term rates declined. Most non-Treasury securities produced positive returns and outperformed equal-duration Treasuries. Finally, inflation expectations remained muted during the period.

The Fund's diversified investment approach helped it to outperform its benchmark. Among the sectors in which the Fund invests, its allocations to equities within real estate investment trusts (REITs) added the most value, as did investments in Materials and master limited partnerships (MLPs). On the downside, the Fund's allocations to commodities, emerging market equities and Energy equities detracted the most from results. In addition, the Fund's dynamic overlay (flexible use of strategies in an attempt to capitalize on short-term changes in inflation expectations) was a modest drag on performance during the reporting period as it was positioned for higher inflation. The Fund's use of futures detracted from the Fund's performance.

Several adjustments were made to the portfolio during the reporting period. We increased the Fund's exposures to equities in the Materials and REITs sectors, while reducing its allocation to fixed income.

Growth in the U.S. continues to show signs of diverging with other developed economies. In addition, monetary policy in the U.S. is clearly on a different path than that of the European Central Bank and Bank of Japan. While the U.S. Federal Reserve (Fed) ended its monthly asset purchases in October 2014, we anticipate that the Fed will be true to its word and let the data determine when it will begin raising interest rates. We believe the Fed will take a cautious and measured approach given continued slack in the economy, as well as the potential headwinds from weaker growth in Europe, Japan and China. In the U.S., we forecast real GDP growth of 2.6% +/– 0.3% in 2015. We anticipate relatively stable inflation in 2015 as the housing component of CPI continues to strengthen along with improvement in the labor markets, while weakness in energy prices is feeding through to consumer prices.

Sincerely,

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

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

The portfolio composition, industries and holdings of the Fund are subject to change.

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

* Effective June 2, 2014, Neuberger Berman Dynamic Real Return Fund changed its name to Neuberger Berman Inflation Navigator Fund.

¹ Consumer Price Index (CPI) is a measure that examines the weighted average of prices of a basket of consumer goods and services, such as transportation, food and medical care. The CPI is one of the most frequently used statistics for identifying periods of inflation or deflation. The CPI is available monthly, so the value shown is from October 31, 2013 to October 31, 2014, and is not seasonally adjusted.

Inflation Navigator Fund (Unaudited)

TICKER SYMBOLS

Institutional Class				NDRIX
Class A				NDRAX
Class C				NDRCX

PORTFOLIO BY TYPE OF

INVESTMENT STRATEGY

(as a % of Total Investment Strategies)

Commodities	10.3	%
Emerging Markets	9.1
Global Treasury Inflation Protected Securities	26.2
High Yield Securities	4.9
Loans	4.7
Master Limited Partnerships	10.2
Real Estate Investment Trusts	13.2
S&P Energy	10.5
S&P Materials	10.9
Total	100.0	%

PORTFOLIO BY TYPE OF SECURITY

(as a % of Total Net Assets)

Common Stocks	45.0	%
Government Securities	13.3
U.S. Treasury Securities	11.4
Mutual Funds	29.1
Short-Term Investments	1.6
Cash, receivables and other assets, less liabilities	(0.4	)
Total	100.0	%

PERFORMANCE HIGHLIGHTS⁴

		Average Annual Total Return Ended 10/31/2014
	Inception Date	1 Year			Life of Fund
At NAV
Institutional Class	12/19/2012		5.73	%		5.10	%
Class A	12/19/2012		5.39	%		4.76	%
Class C	12/19/2012		4.60	%		3.96	%
With Sales Charge
Class A			–0.65	%		1.49	%
Class C			3.60	%		3.96	%
Index
Barclays U.S. 1-10 Year Treasury Inflation-Protected Securities (TIPS) Index^1,2			0.60	%		–1.73	%

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 2013 were 3.20%, 5.45% and 6.20% for Institutional Class, Class A and Class C shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios were 0.95%, 1.31% and 2.06% for Institutional Class, Class A and Class C shares, respectively, after expense reimbursements and/or fee waivers. The expense ratios for fiscal year 2014 can be found in the Financial Highlights section of this report.

Inflation Navigator Fund (Unaudited)

COMPARISON OF A $1,000,000 INVESTMENT

(000's omitted)

Long Short Fund Commentary (Unaudited)

Neuberger Berman Long Short Fund Institutional Class generated a 4.83% total return for the 12 months ended October 31, 2014 but underperformed its primary benchmark, the S&P 500^® Index, which provided a 17.27% return for the period. However, the Fund outperformed the HFRX Equity Hedge Index, which returned 3.33% for the period. (Performance for all share classes is provided in the table immediately following this letter.)

Despite periods of heightened volatility, the global financial markets largely generated positive results during the reporting period. Investor sentiment was challenged at times over concerns about global growth, uncertainties regarding future monetary policy and a host of geopolitical issues. The U.S. continued to show resilience as earnings growth remained healthy and the economy expanded during the period. Additionally, merger and acquisition activity in the U.S. increased as companies turned to acquisitions to fuel growth. Conversely, global growth remained strained as Europe and Japan faced structural challenges. In the U.S., large-cap stocks outperformed their small-cap counterparts, while growth stocks outperformed value stocks.

We had a positive outlook on risk assets, such as equities and high yield bonds, during the fiscal year. This was reflected in the Fund's net notional long exposure, which began the period at approximately 50% net long, then moved to a high of about 60%, before closing at roughly 55%. The long side of the portfolio also expressed an outlook for continued economic growth in the U.S. As such, we maintained a bias for equities in more cyclical industries, including those within the Consumer Discretionary and Industrials sectors.

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

We categorize our long investment exposure into three groups: Capital Growth, Total Return and Opportunistic. Capital Growth investments demonstrate what we believe are attractive industry fundamentals, strong competitive positions, growing revenues and attractive re-investment opportunities. Total Return investments demonstrate what we believe are sustainable and/or growing streams of income that are underpinned by asset value and which can result in growing cash returns to shareholders. The Total Return category includes our fixed income holdings, which consisted mainly of high yield securities during the reporting period. Opportunistic investments are those where we find what we believe are identifiable catalysts. This may include companies with management changes, company reorganizations, merger and acquisition activity and other market dislocations that have the potential to unlock intrinsic value.¹

During the period, we pared our allocation to Total Return in favor of Capital Growth. We have found what we think are more compelling opportunities in Capital Growth relative to Total Return, as the prospect of higher interest rates could adversely impact longer duration assets and cash flows. The portfolio's short exposure includes "Fundamental" shorts and "Market" shorts. During the reporting period, our Market shorts consisted primarily of sector-based exchange traded funds, coupled with short futures positions on broad-based U.S. equity indices and U.S. Treasuries. Our mix between Fundamental shorts and Market shorts remained fairly consistent over the reporting period.

We continue to believe that the current economic expansion in the U.S. could last longer than expected when compared to previous cycles. We also believe that corporate earnings could continue improving and be a source of equity market returns going forward. Our positive view on risk assets is not without potential risks. Global central bank policy is driving short-term market behavior. Even as the U.S. Federal Reserve winds down the support program and markets assess the possibility of a first rate hike, the European Central Bank and the Bank of Japan appear committed to further stimulus. We believe an extended period of ultralow interest rates—while positive for an extended business cycle and risk

assets—has the potential to exacerbate key risks over the long term. Furthermore, ongoing geopolitical issues remind us that the current environment may necessitate a flexible, long-bias, equity-bias approach.

Sincerely,

CHARLES KANTOR
PORTFOLIO MANAGER

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

The portfolio composition, industries and holdings of the Fund are subject to change.

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

¹ Intrinsic value reflects the portfolio manager's analysis and estimates of a company's value. There is no guarantee that any intrinsic values will be realized; security prices may decrease regardless of intrinsic value.

Long Short Fund (Unaudited)

TICKER SYMBOLS

Institutional Class				NLSIX
Class A				NLSAX
Class C				NLSCX

PORTFOLIO BY TYPE OF SECURITY

(as a % of Total Investments)

	Long			Short
Common Stocks		76.7	%		(8.0	)%
Corporate Debt Securities		19.2			—
Exchange Traded Funds		—			(6.6	)
Purchased Options		0.0			—
Short-Term Investments		18.7			—
Total		114.6	%		(14.6	)%

PERFORMANCE HIGHLIGHTS

		Average Annual Total Return Ended 10/31/2014
	Inception Date	1 Year			Life of Fund
At NAV
Institutional Class	12/29/2011		4.83	%		10.23	%
Class A	12/29/2011		4.47	%		9.86	%
Class C	12/29/2011		3.71	%		9.04	%
With Sales Charge
Class A			–1.56	%		7.60	%
Class C			2.71	%		9.04	%
Index
S&P 500^® Index^1,2			17.27	%		20.90	%
HFRX Equity Hedge Index^1,2			3.33	%		6.01	%

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 2013 were 1.77%, 2.11% and 2.85% for Institutional Class, Class A and Class C shares, respectively (before expense reimbursements and/or fee waivers, if any). The total annual operating expense ratio for each of Institutional Class, Class A and Class C includes the class's repayment of expenses previously reimbursed and/or fees previously waived by Management. The expense ratios for fiscal year 2014 can be found in the Financial Highlights section of this report.

Long Short Fund (Unaudited)

COMPARISON OF A $1,000,000 INVESTMENT

(000's omitted)

Endnotes

1 Please see "Glossary of Indices" on page 17 for a description of indices. Please note that individuals cannot invest directly in any index. The HFRX Equity Hedge Index takes into account fees and expenses of investing since it is based on the underlying hedge funds' net returns. The other indices described in this report do not take into account any fees, expenses or tax consequences of investing in the individual securities that they track. Data about the performance of an index are prepared or obtained by Neuberger Berman Management LLC ("Management") and reflect the reinvestment of income dividends and other distributions, if any. The Fund may invest in securities not included in a described index and generally does not invest in all securities included in a described index.

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

3 During the period from December 29, 2010 through April 30, 2011, the Fund had only one shareholder and the Fund was relatively small, which could have impacted Fund performance. The same techniques used to produce returns in a small fund may not work to produce similar returns in a larger fund.

4 Effective June 2, 2014, Neuberger Berman Dynamic Real Return Fund changed its name to Neuberger Berman Inflation Navigator Fund.

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

Glossary of Indices

MSCI World Index:				The index is a free float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of developed markets. The index consists of the following 23 developed market country indexes: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom, and the United States.
50% MSCI World Index and 50% J.P. Morgan Global Government Bond Index:				The blended index is composed of 50% MSCI World Index (described above) and 50% J.P. Morgan Global Government Bond Index, and is rebalanced monthly. The J.P. Morgan Global Government Bond Index tracks the performance of local currency denominated bonds issued by developed market governments. The index consists of issues from the following 13 developed international bond markets: Australia, Belgium, Canada, Denmark, France, Germany, Italy, Japan, Netherlands, Spain, Sweden, United Kingdom and United States.
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.
Barclays U.S. 1-10 Year Treasury Inflation-Protected Securities (TIPS) Index:				The index is the 1-10 year component of the Barclays U.S. TIPS Index (Series-L). The Barclays U.S. TIPS Index (Series-L) tracks the performance of inflation-protection securities issued by the U.S. Treasury.
HFRX Equity Hedge Index:				The index comprises equity hedge strategies. Equity hedge strategies maintain positions both long and short in primarily equity and equity derivative securities. A wide variety of investment processes can be employed to arrive at an investment decision, including both quantitative and fundamental techniques; strategies can be broadly diversified or narrowly focused on specific sectors and can range broadly in terms of levels of net exposure, leverage employed, holding period, concentrations of market capitalizations and valuation ranges of typical portfolios. Equity hedge managers would typically maintain at least 50%, and may in some cases be substantially entirely invested, in equities, both long and short. Constituent funds are selected from an eligible pool of the more than 7,500 funds worldwide that report to the Hedge Fund Research (HFR) Database. Constituent funds must meet all of the following criteria: report monthly; report performance net of all fees; be U.S. dollar-denominated; be active and accepting new investments; have a minimum 24 months track record; and the fund's manager must have at least $50 million in assets under management. The index is rebalanced quarterly.
Russell 3000^® Index:				The index is a float-adjusted market capitalization-weighted index that measures the performance of the 3,000 largest U.S. public companies based on total market capitalization. The index is rebalanced annually in June.

Information About Your Fund's Expenses (Unaudited)

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

Expense Information as of 10/31/14 (Unaudited)

Neuberger Berman Alternative Funds
	ACTUAL									HYPOTHETICAL (5% ANNUAL RETURN BEFORE EXPENSES)⁽³⁾
	Beginning Account Value 5/1/14		Ending Account Value 10/31/14		Expenses Paid During the Period⁽¹⁾ 5/1/14 - 10/31/14		Expense Ratio			Beginning Account Value 5/1/14		Ending Account Value 10/31/14		Expenses Paid During the Period⁽¹⁾ 5/1/14 - 10/31/14		Expense Ratio
Flexible Select Fund
Institutional Class	$	1,000.00	$	1,051.00	$	4.29		0.83	%	$	1,000.00	$	1,021.02	$	4.23		0.83	%
Class A	$	1,000.00	$	1,049.30	$	6.15		1.19	%	$	1,000.00	$	1,019.21	$	6.06		1.19	%
Class C	$	1,000.00	$	1,044.20	$	10.00		1.94	%	$	1,000.00	$	1,015.43	$	9.86		1.94	%
Global Allocation Fund
Institutional Class	$	1,000.00	$	973.00	$	7.71		1.55	%	$	1,000.00	$	1,017.39	$	7.88		1.55	%
Class A	$	1,000.00	$	972.00	$	9.49		1.91	%	$	1,000.00	$	1,015.58	$	9.70		1.91	%
Class C	$	1,000.00	$	968.00	$	13.24		2.67	%	$	1,000.00	$	1,011.75	$	13.54		2.67	%
Inflation Navigator Fund⁽²⁾
Institutional Class	$	1,000.00	$	1,000.90	$	3.48		0.69	%	$	1,000.00	$	1,021.73	$	3.52		0.69	%
Class A	$	1,000.00	$	999.10	$	5.29		1.05	%	$	1,000.00	$	1,019.91	$	5.35		1.05	%
Class C	$	1,000.00	$	995.30	$	9.05		1.80	%	$	1,000.00	$	1,016.13	$	9.15		1.80	%
Long Short Fund
Institutional Class	$	1,000.00	$	1,026.80	$	8.79		1.72	%	$	1,000.00	$	1,016.53	$	8.74		1.72	%
Class A	$	1,000.00	$	1,025.40	$	10.67		2.09	%	$	1,000.00	$	1,014.67	$	10.61		2.09	%
Class C	$	1,000.00	$	1,021.00	$	14.47		2.84	%	$	1,000.00	$	1,010.89	$	14.39		2.84	%

(2) Effective June 2, 2014. Formerly, Dynamic Real Return Fund through June 1, 2014.

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

Schedule of Investments Flexible Select Fund

TOP TEN EQUITY HOLDINGS

1	Neuberger Berman Core Bond Fund Institutional Class	6.3	%
2	Apple, Inc.	1.6	%
3	Microsoft Corp.	1.5	%
4	Bristol-Myers Squibb Co.	1.5	%
5	Johnson & Johnson	1.4	%

6	Schlumberger Ltd.	1.4	%
7	JPMorgan Chase & Co.	1.4	%
8	Pfizer, Inc.	1.2	%
9	Boeing Co.	1.2	%
10	eBay, Inc.	1.1	%

	Number of Shares		Value†
Common Stocks (86.1%)
Aerospace & Defense (2.9%)
BE Aerospace, Inc.		1,216	$	90,531	*
Boeing Co.		9,071		1,133,059
General Dynamics Corp.		4,227		590,765
Honeywell International, Inc.		5,900		567,108
L-3 Communications Holdings, Inc.		80		9,717
Lockheed Martin Corp.		64		12,196
Precision Castparts Corp.		997		220,038
Raytheon Co.		729		75,729
United Technologies Corp.		1,239		132,573
				2,831,716
Air Freight & Logistics (0.6%)
FedEx Corp.		1,198		200,545
United Parcel Service, Inc. Class B		3,761		394,567
				595,112
Airlines (0.8%)
American Airlines Group, Inc.		4,028		166,558
Delta Air Lines, Inc.		11,964		481,312
United Continental Holdings, Inc.		2,241		118,347	*
				766,217
Auto Components (0.3%)
BorgWarner, Inc.		3,212		183,148
Delphi Automotive PLC		1,907		131,545
				314,693
Automobiles (0.1%)
General Motors Co.		2,158		67,761

	Number of Shares		Value†
Banks (3.2%)
BankUnited, Inc.		1,645	$	49,186
First Republic Bank		1,350		68,756
Itau Unibanco Holding SA ADR, Preference Shares		10,359		152,899
JPMorgan Chase & Co.		21,788		1,317,738
M&T Bank Corp.		1,395		170,441
PNC Financial Services Group, Inc.		701		60,559
SVB Financial Group		2,956		331,042	*
U.S. Bancorp		8,333		354,986
Wells Fargo & Co.		11,148		591,847
				3,097,454
Beverages (1.1%)
Anheuser-Busch InBev NV ADR		1,852		205,535
Coca-Cola Co.		7,960		333,365
Dr Pepper Snapple Group, Inc.		3,018		208,996
PepsiCo, Inc.		2,930		281,778
				1,029,674
Biotechnology (1.5%)
Amgen, Inc.		3,239		525,301
Celgene Corp.		3,364		360,251	*
Regeneron Pharmaceuticals, Inc.		1,364		537,034	*
Vertex Pharmaceuticals, Inc.		368		41,451	*
				1,464,037
Capital Markets (1.3%)
BlackRock, Inc.		1,018		347,250
Franklin Resources, Inc.		2,448		136,133
Goldman Sachs Group, Inc.		2,687		510,503
Golub Capital BDC, Inc.		1,097		19,011
Invesco Ltd.		3,690		149,335

	Number of Shares		Value†
T. Rowe Price Group, Inc.		1,098	$	90,135
				1,252,367
Chemicals (3.3%)
Ashland, Inc.		2,642		285,521
Chemtura Corp.		5,183		120,712	*
Dow Chemical Co.		4,906		242,356
E.I. du Pont de Nemours & Co.		3,759		259,935
Eastman Chemical Co.		671		54,203
Ecolab, Inc.		2,204		245,151
FMC Corp.		1,509		86,541
International Flavors & Fragrances, Inc.		950		94,193
LyondellBasell Industries NV Class A		487		44,624
Minerals Technologies, Inc.		7,040		540,039
Monsanto Co.		1,574		181,073
Mosaic Co.		2,572		113,965
PolyOne Corp.		2,154		79,720
Praxair, Inc.		1,408		177,394
RPM International, Inc.		2,238		101,381
Scotts Miracle-Gro Co. Class A		1,193		70,673
Sensient Technologies Corp.		5,028		297,557
Sigma-Aldrich Corp.		7		951
WR Grace & Co.		2,901		274,435	*
				3,270,424
Commercial Services & Supplies (1.9%)
ADT Corp.		9,568		342,917
Covanta Holding Corp.		13,039		287,771
Healthcare Services Group, Inc.		5,508		164,028
Pitney Bowes, Inc.		19,384		479,560
Stericycle, Inc.		1,901		239,526	*

See Notes to Schedule of Investments

	Number of Shares		Value†
Tetra Tech, Inc.		6,138	$	164,560
Tyco International Ltd.		4,296		184,427
				1,862,789
Communications Equipment (0.2%)
Cisco Systems, Inc.		9,955		243,599
Construction & Engineering (0.1%)
Quanta Services, Inc.		2,990		101,899	*
Consumer Finance (0.9%)
American Express Co.		9,411		846,520
Discover Financial Services		58		3,699
				850,219
Containers & Packaging (0.6%)
Packaging Corp. of America		1,715		123,617
Sealed Air Corp.		13,154		476,833
				600,450
Diversified Consumer Services (0.2%)
H&R Block, Inc.		5,584		180,419
Diversified Financial Services (2.6%)
Berkshire Hathaway, Inc. Class B		5,418		759,387	*
CME Group, Inc.		8,067		676,095
Intercontinental Exchange, Inc.		1,783		371,381
McGraw-Hill Financial, Inc.		12		1,086
Moody's Corp.		4,794		475,709
MSCI, Inc.		5,006		233,580
				2,517,238
Diversified Telecommunication Services (0.7%)
BCE, Inc.		6,252		278,026
tw telecom, inc.		1,796		76,833	*
Verizon Communications, Inc.		5,779		290,395
				645,254
Electric Utilities (1.7%)
ALLETE, Inc.		3,162		165,183
Edison International		888		55,571
El Paso Electric Co.		386		14,606
Great Plains Energy, Inc.		10,552		284,165
ITC Holdings Corp.		8,874		351,499
NextEra Energy, Inc.		4,165		417,416

	Number of Shares		Value†
Northeast Utilities		3,131	$	154,515
NRG Yield, Inc. Class A		1,065		53,218
OGE Energy Corp.		2,191		81,703
Pinnacle West Capital Corp.		1,046		64,298
				1,642,174
Electrical Equipment (0.3%)
ABB Ltd. ADR		3,532		77,492	*
Eaton Corp. PLC		745		50,951
Rockwell Automation, Inc.		635		71,342
Sensata Technologies Holding NV		1,937		94,545	*
				294,330
Electronic Equipment, Instruments & Components (1.0%)
Amphenol Corp. Class A		6,749		341,364
Corning, Inc.		14,119		288,451
IPG Photonics Corp.		1,117		81,999	*
TE Connectivity Ltd.		3,046		186,202
Universal Display Corp.		1,753		54,834	*
				952,850
Energy Equipment & Services (1.6%)
Dresser-Rand Group, Inc.		1,017		83,089	*
FMC Technologies, Inc.		2,152		120,598	*
National Oilwell Varco, Inc.		6		436
Schlumberger Ltd.		13,377		1,319,775
				1,523,898
Food & Staples Retailing (1.3%)
Costco		5,698		759,942
Wholesale Corp.
CVS Health Corp.		3,487		299,219
Smart & Final Stores, Inc.		6,657		98,191	*
Walgreen Co.		1,308		84,000
				1,241,352
Food Products (1.4%)
ConAgra Foods, Inc.		4,120		141,522
Kraft Foods Group, Inc.		2,343		132,028

	Number of Shares		Value†
Mead Johnson Nutrition Co.		1,622	$	161,081
Mondelez International, Inc. Class A		9,427		332,396
Nestle SA ADR		1,182		86,676
Unilever NV		3,105		120,257
WhiteWave Foods Co.		11,280		419,954	*
				1,393,914
Gas Utilities (0.1%)
National Fuel Gas Co.		1,221		84,530
Health Care Equipment & Supplies (1.8%)
Abbott Laboratories		2,653		115,644
Becton, Dickinson & Co.		737		94,852
C.R. Bard, Inc.		374		61,325
Cooper Cos., Inc.		1,669		273,549
Covidien PLC		1,750		161,770
Hill-Rom Holdings, Inc.		1,992		88,604
IDEXX Laboratories, Inc.		2,726		386,193	*
Medtronic, Inc.		1,508		102,785
Sirona Dental Systems, Inc.		2,308		181,293	*
West Pharmaceutical Services, Inc.		1,349		69,136
Zimmer Holdings, Inc.		1,824		202,902
				1,738,053
Health Care Providers & Services (2.3%)
Aetna, Inc.		2,417		199,427
Cardinal Health, Inc.		2,297		180,268
DaVita HealthCare Partners, Inc.		2,579		201,342	*
Express Scripts Holding Co.		7,164		550,338	*
HCA Holdings, Inc.		2,843		199,152	*
Henry Schein, Inc.		1,725		207,052	*
Laboratory Corporation of America Holdings		1,264		138,143	*
McKesson Corp.		1,198		243,685
VCA, Inc.		4,380		199,597	*
WellPoint, Inc.		1,069		135,432
				2,254,436

See Notes to Schedule of Investments

	Number of Shares		Value†
Health Care Technology (0.1%)
IMS Health Holdings, Inc.		3,878	$	94,042	*
Hotels, Restaurants & Leisure (1.3%)
Aramark		3,665		102,290
Darden Restaurants, Inc.		1,966		101,799
Dunkin' Brands Group, Inc.		4,018		182,739
Hilton Worldwide Holdings, Inc.		6,017		151,869	*
Hyatt Hotels Corp. Class A		1,734		102,687	*
McDonald's Corp.		2,184		204,706
Starbucks Corp.		1,737		131,248
Wendy's Co.		14,474		116,082
Wynn Resorts Ltd.		862		163,789
				1,257,209
Household Durables (0.9%)
Jarden Corp.		1,910		124,322	*
Lennar Corp. Class A		6,416		276,401
Newell Rubbermaid, Inc.		9,706		323,501
Toll Brothers, Inc.		3,008		96,106	*
Tupperware Brands Corp.		687		43,796
				864,126
Household Products (1.0%)
Church & Dwight Co., Inc.		2,457		177,911
Colgate- Palmolive Co.		732		48,956
Energizer Holdings, Inc.		1,075		131,849
Kimberly-Clark Corp.		488		55,764
Procter & Gamble Co.		6,742		588,374
				1,002,854
Independent Power and Renewable Electricity Producers (0.5%)
AES Corp.		7,431		104,554
Calpine Corp.		15,433		352,181	*
TransAlta Renewables, Inc.		1,255		13,542
				470,277
Industrial Conglomerates (1.4%)
3M Co.		3,649		561,107
Danaher Corp.		4,959		398,703
General Electric Co.		6,478		167,197

	Number of Shares		Value†
Koninklijke Philips NV		5,882	$	164,343
Roper Industries, Inc.		639		101,154
				1,392,504
Insurance (2.3%)
Allstate Corp.		2,732		177,170
American International Group, Inc.		1,827		97,873
Aon PLC		6,077		522,622
Lincoln National Corp.		3,782		207,102
Marsh & McLennan Cos., Inc.		3,257		177,083
MetLife, Inc.		4,092		221,950
Progressive Corp.		9,882		260,984
Prudential PLC		4,283		98,833
Reinsurance Group of America, Inc.		1,704		143,562
Travelers Cos., Inc.		2,754		277,603
Unum Group		2,433		81,408
				2,266,190
Internet & Catalog Retail (0.3%)
Amazon.com, Inc.		1,091		333,257	*
Internet Software & Services (2.4%)
eBay, Inc.		20,216		1,061,340	*
Facebook, Inc. Class A		411		30,821	*
Google, Inc. Class A		972		551,969	*
Google, Inc. Class C		921		514,913	*
IAC/ InterActiveCorp		2,277		154,130
Twitter, Inc.		383		15,883	*
				2,329,056
IT Services (3.8%)
Accenture PLC Class A		1,047		84,933
Alliance Data Systems Corp.		382		108,240	*
Amdocs Ltd.		7,455		354,411
Automatic Data Processing, Inc.		1,772		144,914
Computer Sciences Corp.		2,243		135,477
Fiserv, Inc.		1,758		122,146	*
IBM Corp.		5,618		923,599
Leidos Holdings, Inc.		8,151		298,082
MasterCard, Inc. Class A		2,075		173,781
NeuStar, Inc. Class A		8,169		215,743	*
Teradata Corp.		1,834		77,615	*

	Number of Shares		Value†
VeriFone Systems, Inc.		6,174	$	230,043	*
Visa, Inc. Class A		1,632		394,014
WEX, Inc.		4,308		489,216	*
				3,752,214
Leisure Products (0.2%)
Mattel, Inc.		1,835		57,014
Polaris Industries, Inc.		969		146,183
				203,197
Life Sciences Tools & Services (0.1%)
Charles River Laboratories International, Inc.		1,319		83,308	*
Thermo Fisher Scientific, Inc.		344		40,444
				123,752
Machinery (1.1%)
Deere & Co.		2,256		192,978
Dover Corp.		1,427		113,361
Ingersoll-Rand PLC		1,518		95,057
Joy Global, Inc.		3,556		187,152
Lincoln Electric Holdings, Inc.		1,806		130,899
Mueller Industries, Inc.		2,746		89,135
Pentair PLC		1,689		113,248
Stanley Black & Decker, Inc.		1,463		136,995
Valmont Industries, Inc.		399		54,332
				1,113,157
Media (3.9%)
Comcast Corp. Class A		5,426		300,329
Comcast Corp. Class A Special		6,554		361,388
Cumulus Media, Inc. Class A		42,235		163,027	*
Discovery Communications, Inc. Class C		1,963		68,685	*
Lions Gate Entertainment Corp.		2,107		69,805
Markit Ltd.		6,699		171,092	*
Omnicom Group, Inc.		1,972		141,708
Pearson PLC		9,489		177,601
Pearson PLC ADR		10,281		192,769
Regal Entertainment Group Class A		11,576		256,408
Scholastic Corp.		3,576		124,481
Time Warner, Inc.		2,386		189,615

See Notes to Schedule of Investments

	Number of Shares		Value†
Tribune Media Co. Class A		2,266	$	151,822	*
Twenty-First Century Fox, Inc. Class A		11,310		389,969
Viacom, Inc. Class B		6,179		449,090
Walt Disney Co.		7,066		645,691
				3,853,480
Metals & Mining (0.6%)
Allegheny Technologies, Inc.		2,124		69,773
Carpenter Technology Corp.		3,815		190,941
Dominion Diamond Corp.		7,950		111,380	*
Goldcorp, Inc.		9,153		171,893
				543,987
Multi-Utilities (0.9%)
Alliant Energy Corp.		2,310		143,012
Ameren Corp.		6,393		270,680
CenterPoint Energy, Inc.		6,726		165,123
NiSource, Inc.		1,860		78,231
TECO Energy, Inc.		462		9,060
Wisconsin Energy Corp.		5,227		259,573
				925,679
Multiline Retail (0.3%)
Kohl's Corp.		1,712		92,825
Macy's, Inc.		1,459		84,359
Nordstrom, Inc.		1,165		84,591
Target Corp.		14		865
				262,640
Oil, Gas & Consumable Fuels (7.7%)
Anadarko Petroleum Corp.		5,326		488,820
Antero Resources Corp.		8,209		430,480	*
Apache Corp.		2,228		172,002
Athlon Energy, Inc.		2,240		130,592	*
Cabot Oil & Gas Corp.		14,227		442,460
Canadian Natural Resources Ltd.		235		8,197
Cenovus Energy, Inc.		9,222		228,337
Cheniere Energy, Inc.		295		22,125	*
Chevron Corp.		713		85,524
ConocoPhillips		2,489		179,581
Continental Resources, Inc.		927		52,255	*

	Number of Shares		Value†
Devon Energy Corp.		1,239	$	74,340
Enbridge, Inc.		4,501		213,167
EOG Resources, Inc.		9,385		892,044
Exxon Mobil Corp.		4,205		406,666
Laredo Petroleum, Inc.		2,183		41,390	*
Memorial Resource Development Corp.		7,067		191,445	*
Noble Energy, Inc.		2,121		122,233
Occidental Petroleum Corp.		10,433		927,807
Pioneer Natural Resources Co.		2,361		446,371
QEP Resources, Inc.		5,754		144,253
Range Resources Corp.		10,810		739,404
Rice Energy, Inc.		3,600		95,148	*
Royal Dutch Shell PLC ADR Class A		3,414		245,091
Spectra Energy Corp.		211		8,256
Targa Resources Corp.		839		107,921
Teekay Corp.		6,765		395,482
Veresen, Inc.		7,934		124,818
Whiting Petroleum Corp.		1,747		106,986	*
				7,523,195
Paper & Forest Products (0.1%)
International Paper Co.		1,847		93,495
Personal Products (0.3%)
Estee Lauder Cos., Inc. Class A		4,456		335,002
Pharmaceuticals (7.0%)
AbbVie, Inc.		2,892		183,526
Actavis PLC		1,618		392,753	*
Allergan, Inc.		1,004		190,820
Bristol-Myers Squibb Co.		24,685		1,436,420
Eli Lilly & Co.		1,481		98,235
Johnson & Johnson		12,829		1,382,710
Merck & Co., Inc.		2,039		118,140
Novartis AG ADR		5,523		511,927

	Number of Shares		Value†
Pacira Pharmaceuticals, Inc.		1,129	$	104,794	*
Pfizer, Inc.		40,515		1,213,424
Roche Holding AG		404		119,124
Roche Holding AG ADR		3,769		138,737
Sanofi ADR		6,532		302,040
Teva Pharmaceutical Industries Ltd. ADR		2,558		144,450
Zoetis, Inc.		12,834		476,911
				6,814,011
Professional Services (1.0%)
IHS, Inc. Class A		1,741		228,123	*
Nielsen NV		5,797		246,315
Verisk Analytics, Inc. Class A		8,478		528,603	*
				1,003,041
Real Estate Investment Trusts (1.9%)
American Tower Corp.		4,442		433,095
CBS Outdoor Americas, Inc.		4,171		126,924
Corrections Corporation of America		3,348		123,139
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		1,338		18,705
Iron Mountain, Inc.		2,879		103,846
NorthStar Realty Finance Corp.		3,089		57,394
Plum Creek		3,235		132,667
Timber Co., Inc.
Starwood Property Trust, Inc.		19,683		444,048
Ventas, Inc.		668		45,765
Vornado Realty Trust		1,056		115,611
Weyerhaeuser Co.		7,232		244,875
				1,846,069
Real Estate Management & Development (0.3%)
Brookfield Asset Management, Inc. Class A		5,133		251,363
Road & Rail (1.4%)
Avis Budget Group, Inc.		3,381		188,491	*
Canadian National Railway Co.		294		20,751

See Notes to Schedule of Investments

	Number of Shares		Value†
Canadian Pacific Railway Ltd.		885	$	183,797
CSX Corp.		4,366		155,561
Hertz Global Holdings, Inc.		8,394		183,996	*
J.B. Hunt Transport Services, Inc.		434		34,620
Kansas City Southern		731		89,759
Norfolk Southern Corp.		1,893		209,442
Union Pacific Corp.		2,865		333,629
				1,400,046
Semiconductors & Semiconductor Equipment (1.4%)
Altera Corp.		5,606		192,678
Analog Devices, Inc.		1,767		87,679
ASML Holding NV		2,961		295,153
Intel Corp.		8,525		289,935
Linear Technology Corp.		33		1,414
Skyworks Solutions, Inc.		1,756		102,269
Texas Instruments, Inc.		8,594		426,778
				1,395,906
Software (3.2%)
Activision Blizzard, Inc.		4,690		93,566
ANSYS, Inc.		1,253		98,436	*
Check Point Software Technologies Ltd.		2,108		156,519	*
FireEye, Inc.		1,902		64,649	*
Intuit, Inc.		5,154		453,604
Microsoft Corp.		32,090		1,506,625
NICE-Systems Ltd. ADR		4,162		169,310
Nuance Communications, Inc.		6,838		105,510	*
Oracle Corp.		9,450		369,022
VMware, Inc. Class A		1,614		134,882	*
				3,152,123
Specialty Retail (2.4%)
Asbury Automotive Group, Inc.		1,213		84,959	*
Bed Bath & Beyond, Inc.		2,768		186,397	*
Best Buy Co., Inc.		3,961		135,229

	Number of Shares		Value†
DSW, Inc. Class A		3,210	$	95,176
Foot Locker, Inc.		1,233		69,060
Gap, Inc.		1,593		60,359
GNC Holdings, Inc. Class A		5,176		215,166
Home Depot, Inc.		4,969		484,577
Office Depot, Inc.		16,866		88,040	*
PetSmart, Inc.		3,054		220,957
Tiffany & Co.		2,615		251,354
TJX Cos., Inc.		6,387		404,425
				2,295,699
Technology Hardware, Storage & Peripherals (2.8%)
Apple, Inc.		14,223		1,536,084
EMC Corp.		19,300		554,489
SanDisk Corp.		7,281		685,433
				2,776,006
Textiles, Apparel & Luxury Goods (0.4%)
Coach, Inc.		56		1,926
Columbia Sportswear Co.		102		3,931
NIKE, Inc. Class B		1,039		96,596
PVH Corp.		1,295		148,083
Ralph Lauren Corp.		662		109,124
				359,660
Thrifts & Mortgage Finance (0.1%)
People's United Financial, Inc.		5,548		81,112
Tobacco (0.1%)
Philip Morris International, Inc.		1,088		96,843
Trading Companies & Distributors (0.3%)
NOW, Inc.		3,234		97,214	*
United Rentals, Inc.		786		86,507	*
W.W. Grainger, Inc.		585		144,378
				328,099
Transportation Infrastructure (0.4%)
Macquarie Infrastructure Co. LLC		3,579		256,400
Wesco Aircraft Holdings, Inc.		6,954		123,433	*
				379,833
Water Utilities (0.2%)
American Water Works Co., Inc.		2,810		149,970

	Number of Shares		Value†
Wireless Telecommunication Services (0.2%)
SBA Communications Corp. Class A		1,330	$	149,399	*
Total Common Stocks (Cost $73,154,082)				84,035,352
Preferred Stocks (0.3%)
Banks (0.2%)
HSBC Holdings PLC, Ser. 2, 8.00%		4,427		118,644
JPMorgan Chase & Co., Ser. O 5.50%		22		508
U.S. Bancorp, Ser. F, 6.50%		2,839		83,211
Wells Fargo & Co., Ser. N, 5.20%		22		511
				202,874
Marine (0.1%)
Seaspan Corp., Ser. C, 9.50%		2,001		53,067
Total Preferred Stocks (Cost $250,667)				255,941
Exchange Traded Funds (0.0%)
SPDR S&P 500 ETF Trust (Cost $14,370)		78		15,729
Mutual Funds (6.3%)
Neuberger Berman Core Bond Fund Institutional Class (Cost $6,031,189)		582,729		6,133,003	^§
Short-Term Investments (7.2%)
State Street Institutional Treasury Money Market Fund Premier Class (Cost $6,983,117)		6,983,117		6,983,117
Total Investments (99.9%) (Cost $86,433,425)				97,423,142	^##
Cash, receivables and other assets, less liabilities (0.1%)				115,977
Total Net Assets (100.0%)			$	97,539,119

See Notes to Schedule of Investments

Schedule of Investments Global Allocation Fund

TOP TEN EQUITY HOLDINGS LONG POSITIONS

		Country	Industry
1	VCA, Inc.	United States	Health Care Providers & Services	1.9	%
2	Micron Technology, Inc.	United States	Semiconductors & Semiconductor Equipment	1.2	%
3	Symetra Financial Corp.	United States	Insurance	1.2	%
4	Porsche Automobil Holding SE (Preference Shares)	Germany	Automobiles	1.1	%
5	Bellway PLC	United Kingdom	Household Durables	1.1	%
6	3i Group PLC	United Kingdom	Capital Markets	1.0	%
7	Amkor Technology, Inc.	United States	Semiconductors & Semiconductor Equipment	0.9	%
8	Tosoh Corp.	Japan	Chemicals	0.9	%
9	Pace PLC	United Kingdom	Communications Equipment	0.7	%
10	OmniVision Technologies, Inc.	United States	Semiconductors & Semiconductor Equipment	0.7	%

TOP TEN EQUITY HOLDINGS SHORT POSITIONS

		Country	Industry
1	Auxilium Pharmaceuticals, Inc.	United States	Pharmaceuticals	(0.8	)%
2	Concur Technologies, Inc.	United States	Software	(0.7	)%
3	NetSuite, Inc.	United States	Software	(0.6	)%
4	LinkedIn Corp. Class A	United States	Internet Software & Services	(0.6	)%
5	Scientific Games Corp. Class A	United States	Hotels, Restaurants & Leisure	(0.6	)%
6	Dealertrack Technologies, Inc.	United States	Internet Software & Services	(0.6	)%
7	Amaya Gaming Group, Inc.	Canada	Hotels, Restaurants & Leisure	(0.5	)%
8	Sumitomo Realty & Development Co. Ltd.	Japan	Real Estate Management & Development	(0.5	)%
9	Kinder Morgan, Inc.	United States	Oil, Gas & Consumable Fuels	(0.5	)%
10	Receptos, Inc.	United States	Biotechnology	(0.5	)%

	Number of Shares		Value†
Long Positions (92.2%)
Common Stocks (33.3%)
Australia (0.8%)
Beach Energy Ltd.		82,395	$	84,471
Challenger Ltd.		8,342		50,873
Fairfax Media Ltd.		74,636		53,529
Sims Metal Management Ltd.		4,955		48,575
				237,448
Austria (0.5%)
C.A.T. Oil AG		8,282		157,755	^ØØ
Canada (1.7%)
Advantage Oil & Gas Ltd.		9,577		41,042	*
BlackBerry Ltd.		5,098		53,556	*
Canaccord Genuity Group, Inc.		4,453		37,693
Centerra Gold, Inc.		8,970		35,019
Genworth MI Canada, Inc.		1,522		53,207
Linamar Corp.		2,691		137,457

	Number of Shares		Value†
Lundin Mining Corp.		31,169	$	139,107	*
				497,081
China (0.3%)
Yangzijiang Shipbuilding Holdings Ltd.		83,000		73,005
France (0.8%)
Groupe Fnac		3,205		134,347	*
Montupet		1,180		91,488
				225,835
Germany (2.2%)
Nordex SE		6,435		108,703	*
Porsche Automobil Holding SE (Preference Shares)		3,959		324,117	^ØØ
Wacker Neuson SE		10,269		199,399	^ØØ
				632,219
Italy (0.5%)
Cementir Holding SpA		16,103		96,458
Enel SpA		9,151		46,673
				143,131

	Number of Shares		Value†
Japan (3.8%)
Hazama Ando Corp.		8,400	$	55,040
HI-LEX Corp.		3,700		94,044
Minebea Co. Ltd.		4,000		52,633
Nippon Paint Holdings Co. Ltd.		4,000		87,852
Nippon Paper Industries Co. Ltd.		2,900		41,980
Nohmi Bosai Ltd.		3,000		42,386
NOK Corp.		4,300		106,844
Obara Group, Inc.		1,300		46,641
Seiko Epson Corp.		2,700		122,350
Tokyo Electric Power Co., Inc.		13,100		46,301	*
Tosoh Corp.		61,000		257,414	^ØØ
Toyo Tire & Rubber Co. Ltd.		7,500		119,987
Ulvac, Inc.		3,400		41,106	*
				1,114,578

See Notes to Schedule of Investments

	Number of Shares		Value†
Luxembourg (0.5%)
APERAM		4,598	$	132,093	*
Netherlands (0.1%)
PostNL NV		10,042		42,572	*
Puerto Rico (0.2%)
Popular, Inc.		1,599		50,976	*
Sweden (0.4%)
Haldex AB		5,873		71,979
Investment AB Kinnevik, B Shares		1,244		39,405
				111,384
Switzerland (0.2%)
Autoneum Holding AG		361		60,032	*
United Arab Emirates (0.3%)
Lamprell PLC		37,450		87,916	*
United Kingdom (5.5%)
3i Group PLC		46,380		294,476	^ØØ
African Barrick Gold PLC		35,829		118,070
Al Noor Hospitals Group PLC		5,421		88,368
Beazley PLC		11,638		48,777
Bellway PLC		11,522		322,371	^ØØ
easyJet PLC		7,055		169,288
Greggs PLC		14,429		139,647
Hikma Pharmaceuticals PLC		1,704		51,656
Pace PLC		36,256		200,966	^ØØ
Taylor Wimpey PLC		39,991		75,745
Trinity Mirror PLC		36,065		94,617	*
				1,603,981
United States (15.5%)
Amkor Technology, Inc.		39,568		268,271	*ØØ
ArcBest Corp.		1,452		56,192	^È
Best Buy Co., Inc.		2,928		99,962
BioCryst Pharmaceuticals, Inc.		11,521		135,026	*
Broadcom Corp. Class A		1,402		58,716
Clayton Williams Energy, Inc.		770		64,018	*ØØ
Delta Air Lines, Inc.		2,416		97,196	^ØØ
Dynegy, Inc.		1,963		59,871	*ÈØØ
Federal-Mogul Holdings Corp.		3,126		48,797	*È
First Solar, Inc.		1,131		66,616	*ÈØØ

	Number of Shares		Value†
Freescale Semiconductor Ltd.		6,395	$	127,196	*È
Genworth Financial, Inc. Class A		4,616		64,578	*ØØ
Globalstar, Inc.		35,590		84,348	*È
Greenbrier Cos., Inc.		1,857		116,137	^ÈØØ
Ingram Micro, Inc. Class A		2,020		54,217	*
Inovio Pharmaceuticals, Inc.		6,396		72,659	*È
Insys Therapeutics, Inc.		1,796		73,052	*ØØ
Integrated Device Technology, Inc.		3,927		64,442	*ØØ
JetBlue Airways Corp.		7,309		84,346	*È
Key Energy Services, Inc.		7,802		23,718	*È
Lexmark International, Inc. Class A		1,791		77,299	^È
Lincoln National Corp.		1,531		83,837	^ØØ
Micron Technology, Inc.		10,777		356,611	*ØØ
Nabors Industries Ltd.		3,148		56,192
National Western Life Insurance Co., Class A		621		168,291	^ÈØØ
OmniVision Technologies, Inc.		7,483		200,395	*ØØ
Pilgrim's Pride Corp.		5,517		156,738	*ÈØØ
Pioneer Energy Services Corp.		2,971		27,274	*
Piper Jaffray Cos.		2,583		145,836	*ÈØØ
RF Micro Devices, Inc.		15,360		199,834	*ÈØØ
Rite Aid Corp.		7,426		38,986	*
Sanderson Farms, Inc.		515		43,250	^È
Symetra Financial Corp.		15,038		356,401	^ØØ
Tech Data Corp.		1,010		60,317	*ØØ
Trinity Industries, Inc.		3,376		120,557	^ÈØØ
TriQuint Semiconductor, Inc.		7,129		154,200	*È

	Number of Shares			Value†
VCA, Inc.		11,917		$	543,058	*ØØ
					4,508,434
Total Common Stocks (Cost $10,302,205)					9,678,440
Short-Term Investments (58.9%)
State Street Institutional Government Money Market Fund Premier Class (Cost $17,091,904)		17,091,904			17,091,904	^ØØ
Total Long Positions (92.2%) (Cost $27,394,109)					26,770,344	^##
Cash, receivables and other assets, less liabilities (41.3%)					11,988,482	^±
Short Positions (see summary below) ((33.5)%)					(9,735,766	)
Total Net Assets (100.0%)				$	29,023,060
Short Positions ((33.5)%)
Common Stocks Sold Short (33.5%)^‡
Australia (0.9%)
Coca-Cola Amatil Ltd.		(6,399	)		(51,524	)
Iluka Resources Ltd.		(10,035	)		(63,582	)
Newcrest Mining Ltd.		(7,614	)		(62,447	)*
Whitehaven Coal Ltd.		(63,571	)		(84,753	)*
					(262,306	)
Austria (0.5%)
Andritz AG		(1,210	)		(58,408	)
Conwert Immobilien Invest SE		(8,850	)		(98,028	)*
					(156,436	)
Belgium (0.3%)
Telenet Group Holding NV		(1,385	)		(78,319	)*
Canada (1.6%)
Alamos Gold, Inc.		(10,459	)		(78,045	)
Amaya Gaming Group, Inc.		(4,924	)		(149,636	)*
Avigilon Corp.		(2,507	)		(34,678	)*
B2Gold Corp.		(24,364	)		(40,641	)*
Detour Gold Corp.		(6,555	)		(38,386	)*

See Notes to Schedule of Investments

	Number of Shares			Value†
First Majestic Silver Corp.		(6,687	)	$	(34,294	)*
Turquoise Hill Resources Ltd.		(17,004	)		(57,029	)*
Yamana Gold, Inc.		(7,253	)		(28,895	)
					(461,604	)
Finland (0.4%)
Metso OYJ		(2,802	)		(91,400	)
Outokumpu OYJ		(5,930	)		(33,485	)*
					(124,885	)
France (1.4%)
Alcatel-Lucent		(27,755	)		(85,144	)*
Bureau Veritas SA		(5,093	)		(125,923	)
Edenred		(2,768	)		(76,659	)
Remy Cointreau SA		(1,581	)		(112,474	)
					(400,200	)
Italy (1.0%)
Brunello Cucinelli SpA		(5,560	)		(112,456	)
Geox SpA		(13,578	)		(41,483	)*
Salvatore Ferragamo SpA		(2,076	)		(49,013	)
Yoox SpA		(4,313	)		(79,613	)*
					(282,565	)
Japan (3.8%)
Daibiru Corp.		(5,900	)		(64,502	)
GMO Internet, Inc.		(4,500	)		(36,617	)
Hokkaido Electric Power Co., Inc.		(14,900	)		(122,702	)*
Hulic Co. Ltd.		(10,500	)		(112,735	)
Kakaku.com, Inc.		(3,100	)		(41,039	)
Mitsubishi Estate Co. Ltd.		(4,000	)		(99,550	)
Mitsui Fudosan Co. Ltd.		(3,000	)		(93,679	)
NTT Urban Development Corp.		(11,700	)		(129,265	)
Sony Corp.		(3,000	)		(55,339	)
Sumitomo Realty & Development Co. Ltd.		(4,000	)		(145,809	)
Tokyotokeiba Co. Ltd.		(23,000	)		(64,296	)
TonenGeneral Sekiyu KK		(5,000	)		(43,312	)
Yahoo Japan Corp.		(23,600	)		(83,412	)
					(1,092,257	)

	Number of Shares			Value†
Mexico (0.3%)
Fresnillo PLC		(7,147	)	$	(79,746	)
Netherlands (1.0%)
Koninklijke Vopak NV		(2,359	)		(118,129	)
OCI		(3,595	)		(125,196	)*
Ziggo NV		(1,140	)		(55,694	)*
					(299,019	)
Peru (0.2%)
Hochschild Mining PLC		(47,634	)		(75,400	)*
Russia (0.4%)
Polymetal International PLC		(12,897	)		(106,251	)
Singapore (0.2%)
Global Logistic Properties Ltd.		(34,000	)		(72,780	)
Spain (0.2%)
Atresmedia Corp. de Medios de Comunicacion SA		(3,388	)		(49,632	)
Sweden (0.4%)
Lundin Petroleum AB		(7,452	)		(105,662	)*
Switzerland (0.1%)
Meyer Burger Technology AG		(5,160	)		(43,387	)*
United Kingdom (4.0%)
AVEVA Group PLC		(1,518	)		(37,299	)
Balfour Beatty PLC		(12,185	)		(29,960	)
Diageo PLC		(4,231	)		(124,402	)
Drax Group PLC		(10,456	)		(99,439	)
Experian PLC		(7,776	)		(116,743	)
GlaxoSmithKline PLC		(2,396	)		(54,331	)
Intertek Group PLC		(2,756	)		(120,007	)
Kazakhmys PLC		(22,778	)		(83,880	)*
Ladbrokes PLC		(52,993	)		(100,117	)
Oxford Instruments PLC		(4,926	)		(85,105	)
Perform Group PLC		(17,816	)		(74,386	)*
Serco Group PLC		(8,528	)		(40,613	)
Telecity Group PLC		(8,984	)		(110,734	)
Tullow Oil PLC		(10,494	)		(81,552	)
					(1,158,568	)

	Number of Shares			Value†
United States (16.8%)
Alexander & Baldwin, Inc.		(1,672	)	$	(66,930	)
Altisource Portfolio Solutions SA		(872	)		(65,103	)*
Amazon.com, Inc.		(421	)		(128,599	)*
American Realty Capital Properties, Inc.		(6,794	)		(60,263	)
Ascent Capital Group, Inc. Class A		(1,578	)		(101,465	)*
athenahealth, Inc.		(648	)		(79,380	)*
Auxilium Pharmaceuticals, Inc.		(7,193	)		(231,399	)*
Chimerix, Inc.		(2,330	)		(72,323	)*
Clovis Oncology, Inc.		(2,033	)		(121,289	)*
Coach, Inc.		(3,728	)		(128,169	)
Coeur Mining, Inc.		(12,568	)		(46,502	)*
CommVault Systems, Inc.		(1,089	)		(48,286	)*
Concur Technologies, Inc.		(1,532	)		(196,586	)*
Contra Furiex Pharmaceuticals		(1,793	)		(17,518	)^{^^}
Cornerstone OnDemand, Inc.		(3,025	)		(109,717	)*
CoStar Group, Inc.		(392	)		(63,147	)*
Dealertrack Technologies, Inc.		(3,448	)		(162,228	)*
Equinix, Inc.		(240	)		(50,136	)
Forest City Enterprises, Inc. Class A		(5,203	)		(108,691	)*
Groupon, Inc.		(11,166	)		(81,623	)*
HeartWare International, Inc.		(1,172	)		(90,385	)*
HomeAway, Inc.		(3,924	)		(136,948	)*
Iron Mountain, Inc.		(2,714	)		(97,894	)
Kinder Morgan, Inc.		(3,591	)		(138,972	)
LinkedIn Corp. Class A		(747	)		(171,033	)*
Michael Kors Holdings Ltd.		(645	)		(50,690	)*
Navistar International Corp.		(1,966	)		(69,537	)*
Nektar Therapeutics		(4,767	)		(65,737	)*

See Notes to Schedule of Investments

	Number of Shares			Value†
NetSuite, Inc.		(1,718	)	$	(186,678	)*
Novavax, Inc.		(11,896	)		(66,618	)*
Philip Morris International, Inc.		(1,435	)		(127,729	)
QLIK Technologies, Inc.		(4,416	)		(125,194	)*
Rackspace Hosting, Inc.		(1,682	)		(64,521	)*
Realogy Holdings Corp.		(2,476	)		(101,541	)*
Receptos, Inc.		(1,339	)		(138,787	)*
Sarepta Therapeutics, Inc.		(3,394	)		(54,881	)*
Scientific Games Corp. Class A		(14,299	)		(168,299	)*
Shutterfly, Inc.		(2,963	)		(123,942	)*
Sinclair Broadcast Group, Inc. Class A		(2,258	)		(65,595	)
SolarCity Corp.		(1,875	)		(110,962	)*
Sprint Corp.		(17,629	)		(104,540	)*
TESARO, Inc.		(1,852	)		(51,523	)*
Tesla Motors, Inc.		(454	)		(109,732	)*
Trulia, Inc.		(1,162	)		(54,207	)*
UTi Worldwide, Inc.		(5,246	)		(57,339	)*
VeriSign, Inc.		(2,260	)		(135,058	)*
WebMD Health Corp.		(874	)		(37,302	)*
Whole Foods Market, Inc.		(1,419	)		(55,809	)
Xoom Corp.		(3,848	)		(58,105	)*
Zillow, Inc. Class A		(330	)		(35,881	)*
Zynga, Inc. Class A		(36,061	)		(91,956	)*
					(4,886,749	)
Total Short Positions (Proceeds $(10,342,182))					(9,735,766	)

See Notes to Schedule of Investments

LONG POSITIONS BY INDUSTRY GLOBAL ALLOCATION FUND (UNAUDITED)

Industry	Investments at Value^†			Percentage of Net Assets
Semiconductors & Semiconductor Equipment	$	1,537,387			5.3	%
Insurance		721,884			2.5	%
Machinery		680,351			2.3	%
Auto Components		658,649			2.3	%
Health Care Providers & Services		631,426			2.2	%
Capital Markets		478,005			1.6	%
Metals & Mining		472,864			1.6	%
Household Durables		398,116			1.4	%
Energy Equipment & Services		352,855			1.2	%
Airlines		350,830			1.2	%
Chemicals		345,266			1.2	%
Automobiles		324,117			1.1	%
Biotechnology		280,737			1.0	%
Technology Hardware, Storage & Peripherals		253,205			0.9	%
Specialty Retail		234,309			0.8	%
Communications Equipment		200,966			0.7	%
Food Products		199,988			0.7	%
Oil, Gas & Consumable Fuels		189,531			0.7	%
Food & Staples Retailing		178,633			0.6	%
Electronic Equipment, Instruments & Components		156,920			0.5	%
Media		148,146			0.5	%
Electrical Equipment		108,703			0.4	%
Construction Materials		96,458			0.3	%
Electric Utilities		92,974			0.3	%
Diversified Financial Services		90,278			0.3	%
Diversified Telecommunication Services		84,348			0.3	%
Independent Power and Renewable Electricity Producers		59,871			0.2	%
Road & Rail		56,192			0.2	%
Construction & Engineering		55,040			0.2	%
Thrifts & Mortgage Finance		53,207			0.2	%
Pharmaceuticals		51,656			0.2	%
Banks		50,976			0.2	%
Air Freight & Logistics		42,572			0.1	%
Paper & Forest Products		41,980			0.1	%
Short-Term Investments and Other Assets—Net		29,080,386			100.2	%
Short Positions (see summary on next page)		(9,735,766	)		(33.5	)%
	$	29,023,060			100.0	%

See Notes to Schedule of Investments

SHORT POSITIONS BY INDUSTRY GLOBAL ALLOCATION FUND (UNAUDITED)

Industry	Investments at Value^†			Percentage of Net Assets
Internet Software & Services	$	(1,350,085	)		(4.7	)%
Real Estate Management & Development		(1,158,613	)		(4.0	)%
Metals & Mining		(828,583	)		(2.9	)%
Software		(685,999	)		(2.4	)%
Oil, Gas & Consumable Fuels		(572,380	)		(2.0	)%
Biotechnology		(505,421	)		(1.7	)%
Hotels, Restaurants & Leisure		(482,348	)		(1.7	)%
Internet & Catalog Retail		(413,777	)		(1.4	)%
Textiles, Apparel & Luxury Goods		(381,811	)		(1.3	)%
Pharmaceuticals		(368,985	)		(1.3	)%
Professional Services		(362,673	)		(1.2	)%
Beverages		(288,400	)		(1.0	)%
Media		(267,932	)		(0.9	)%
Machinery		(262,732	)		(0.9	)%
Real Estate Investment Trusts		(158,157	)		(0.5	)%
Construction & Engineering		(155,156	)		(0.5	)%
Tobacco		(127,729	)		(0.4	)%
Electric Utilities		(122,702	)		(0.4	)%
Electronic Equipment, Instruments & Components		(119,783	)		(0.4	)%
Commercial Services & Supplies		(117,272	)		(0.4	)%
Electrical Equipment		(110,962	)		(0.4	)%
Automobiles		(109,732	)		(0.4	)%
Wireless Telecommunication Services		(104,540	)		(0.4	)%
Diversified Consumer Services		(101,465	)		(0.3	)%
Independent Power and Renewable Electricity Producers		(99,439	)		(0.3	)%
Health Care Equipment & Supplies		(90,385	)		(0.3	)%
Communications Equipment		(85,144	)		(0.3	)%
Health Care Technology		(79,380	)		(0.3	)%
Air Freight & Logistics		(57,339	)		(0.2	)%
Food & Staples Retailing		(55,809	)		(0.2	)%
Diversified Telecommunication Services		(55,694	)		(0.2	)%
Household Durables		(55,339	)		(0.2	)%
Total Common Stocks Sold Short	$	(9,735,766	)		(33.5	)%

See Notes to Schedule of Investments

Schedule of Investments Inflation Navigator Fund^b

TOP TEN HOLDINGS

1	Neuberger Berman Risk Balanced Commodity Strategy Fund Institutional Class	10.3	%
2	Neuberger Berman Emerging Markets Equity Fund Institutional Class	9.1	%
3	Neuberger Berman High Income Bond Fund Institutional Class	4.9	%
4	Neuberger Berman Floating Rate Income Fund Institutional Class	4.8	%
5	U.S. Treasury Inflation Indexed Bonds, 0.63%, due 1/15/24	2.6	%
6	Exxon Mobil Corp.	2.5	%
7	United Kingdom Gilt Inflation Linked Bonds, Bonds, 0.13%, due 3/22/44	2.3	%
8	Italy Buoni Poliennali Del Tesoro, Bonds, 2.35%, due 9/15/35	2.0	%
9	U.S. Treasury Inflation Indexed Bonds, 1.75%, due 1/15/28	1.7	%
10	Italy Buoni Poliennali Del Tesoro, Senior Unsecured Notes, 2.60%, due 9/15/23	1.7	%

	Number of Shares		Value†
Common Stocks (45.0%)
Chemicals (8.2%)
A. Schulman, Inc.		49	$	1,735
Air Products & Chemicals, Inc.		670		90,222
Airgas, Inc.		205		22,866
Ashland, Inc.		21		2,269
Axiall Corp.		20		806
Cabot Corp.		46		2,136
Celanese Corp. Class A		36		2,114
CF Industries Holdings, Inc.		182		47,320
Chase Corp.		10		359
Dow Chemical Co.		4,309		212,864
E.I. du Pont de Nemours & Co.		3,360		232,344
Eastman Chemical Co.		579		46,772
Ecolab, Inc.		946		105,223
Ferro Corp.		61		800	*
FMC Corp.		336		19,270
Huntsman Corp.		137		3,343
International Flavors & Fragrances, Inc.		267		26,473
Kraton Performance Polymers, Inc.		71		1,270	*
LyondellBasell Industries NV Class A		1,824		167,133
Monsanto Co.		1,802		207,302
Mosaic Co.		1,100		48,741
OM Group, Inc.		38		989
OMNOVA Solutions, Inc.		195		1,371	*
PPG Industries, Inc.		488		99,401
Praxair, Inc.		1,010		127,250
RPM International, Inc.		70		3,171
Sherwin-Williams Co.		253		58,079

	Number of Shares		Value†
Sigma-Aldrich Corp.		368	$	50,015
Taminco Corp.		51		1,320	*
Westlake Chemical Corp.		34		2,399
Zep, Inc.		62		996
				1,586,353
Construction Materials (0.3%)
Eagle Materials, Inc.		26		2,273
Martin Marietta Materials, Inc.		206		24,086
Vulcan Materials Co.		413		25,486
				51,845
Containers & Packaging (0.6%)
Avery Dennison Corp.		310		14,524
Ball Corp.		463		29,831
Bemis Co., Inc.		192		7,386
MeadWestvaco Corp.		563		24,868
Owens-Illinois, Inc.		716		18,451	*
Rock-Tenn Co. Class A		29		1,483
Sealed Air Corp.		779		28,239
				124,782
Electric Utilities (0.3%)
NRG Yield, Inc. Class A		1,300		64,961
Energy Equipment & Services (1.9%)
Atwood Oceanics, Inc.		47		1,911	*
Baker Hughes, Inc.		652		34,530
Cameron International Corp.		259		15,423	*
CARBO Ceramics, Inc.		1		52
Diamond Offshore Drilling, Inc.		112		4,223

	Number of Shares		Value†
FMC Technologies, Inc.		256	$	14,346	*
Gulfmark Offshore, Inc. Class A		25		754
Halliburton Co.		1,211		66,775
Helmerich & Payne, Inc.		165		14,325
Nabors Industries Ltd.		505		9,014
National Oilwell Varco, Inc.		537		39,008
Parker Drilling Co.		130		577	*
Patterson-UTI Energy, Inc.		25		576
Rowan Cos. PLC Class A		176		4,271
Schlumberger Ltd.		1,613		159,139
Tidewater, Inc.		30		1,106
				366,030
Gas Utilities (0.5%)
Suburban Propane Partners LP		2,000		90,100
Hotels, Restaurants & Leisure (0.5%)
Cedar Fair LP		1,700		80,342
Starwood Hotels & Resorts Worldwide, Inc.		300		22,998
				103,340
Household Durables (0.2%)
TRI Pointe Homes, Inc.		2,265		31,008	*
Metals & Mining (1.5%)
Alcoa, Inc.		4,037		67,660
Allegheny Technologies, Inc.		432		14,191
Ampco- Pittsburgh Corp.		65		1,416

See Notes to Schedule of Investments

	Number of Shares		Value†
Century Aluminum Co.		49	$	1,435	*
Commercial Metals Co.		108		1,867
Freeport- McMoRan, Inc.		3,888		110,808
Newmont Mining Corp.		1,767		33,149	^ØØ
Nucor Corp.		1,048		56,655
Reliance Steel & Aluminum Co.		34		2,294
Steel Dynamics, Inc.		83		1,910
Stillwater Mining Co.		105		1,379	*
United States Steel Corp.		64		2,563
				295,327
Multi-Utilities (0.5%)
CenterPoint Energy, Inc.		2,400		58,920
Sempra Energy		300		33,000
				91,920
Oil, Gas & Consumable Fuels (17.2%)
Alliance Holdings GP LP		1,800		123,588
Anadarko Petroleum Corp.		671		61,584
Apache Corp.		571		44,081
Bill Barrett Corp.		25		380	*
Cabot Oil & Gas Corp.		511		15,892
Chesapeake Energy Corp.		683		15,149
Chevron Corp.		2,335		280,083
Cimarex Energy Co.		115		13,072
Comstock Resources, Inc.		34		403
ConocoPhillips		1,592		114,863
CONSOL Energy, Inc.		280		10,304
Crestwood Equity Partners LP		5,500		47,905
Crestwood Midstream Partners LP		3,426		68,143
Denbury Resources, Inc.		577		7,155
Devon Energy Corp.		526		31,560
Energy Transfer Equity LP		4,100		239,276
Energy XXI Bermuda Ltd.		100		769
Enterprise Products Partners LP		4,200		154,980

	Number of Shares		Value†
EOG Resources, Inc.		692	$	65,775
EQT Corp.		181		17,021
EXCO Resources, Inc.		120		366
Exxon Mobil Corp.		5,018		485,291
Halcon Resources Corp.		103		320	*
Hess Corp.		352		29,853
Kinder Morgan, Inc.		765		29,606
Marathon Oil Corp.		875		30,975
Marathon Petroleum Corp.		337		30,633
Murphy Oil Corp.		215		11,479
Newfield Exploration Co.		211		6,881	*
NGL Energy Partners LP		2,100		72,156
Noble Energy, Inc.		492		28,354
NuStar GP Holdings LLC		1,700		66,572
Oasis Petroleum, Inc.		17		509	*
Occidental Petroleum Corp.		975		86,707
ONEOK, Inc.		2,038		120,120
PBF Energy, Inc. Class A		18		469
Peabody Energy Corp.		41		428
Phillips 66		708		55,578
Pioneer Natural Resources Co.		181		34,220
QEP Resources, Inc.		256		6,418
Range Resources Corp.		193		13,201
Regency Energy Partners LP		10,084		302,520
Rosetta Resources, Inc.		16		608	*
Sanchez Energy Corp.		22		376	*
Southcross Energy Partners LP		1,600		31,792
Southwestern Energy Co.		426		13,849	*
Spectra Energy Corp.		2,579		100,916
Spectra Energy Partners LP		900		48,600

	Number of Shares		Value†
Stone Energy Corp.		19	$	466	*
Summit Midstream Partners LP		850		39,941
Teekay LNG Partners LP		1,250		49,125
Teekay Offshore Partners LP		1,700		50,881
Tesoro Corp.		132		9,426
Valero Energy Corp.		610		30,555
W&T Offshore, Inc.		62		564
Western Gas Partners LP		800		55,920
Whiting Petroleum Corp.		8		490	*
Williams Cos., Inc.		3,210		178,187
				3,336,335
Paper & Forest Products (0.4%)
International Paper Co.		1,381		69,906
Resolute Forest Products, Inc.		25		464	*
				70,370
Real Estate Investment Trusts (12.3%)
Alexandria Real Estate Equities, Inc.		645		53,535
Altisource Residential Corp.		1,500		34,830
American Homes 4 Rent Class A		4,000		70,120
American Residential Properties, Inc.		1,765		33,535	*
American Tower Corp.		1,645		160,387
AvalonBay Communities, Inc.		750		116,880
Boston Properties, Inc.		1,055		133,721
Camden Property Trust		660		50,602
CBL & Associates Properties, Inc.		1,750		33,478
Crown Castle International Corp.		870		67,964
DDR Corp.		2,965		53,785
Douglas Emmett, Inc.		1,405		39,523
EastGroup Properties, Inc.		645		44,415
Equity Residential		1,915		133,207

See Notes to Schedule of Investments

	Number of Shares		Value†
Federal Realty Investment Trust		435	$	57,333
General Growth Properties, Inc.		1,755		45,472
HCP, Inc.		1,027		45,157	^ØØ
Health Care REIT, Inc.		750		53,332
Host Hotels & Resorts, Inc.		3,335		77,739
LaSalle Hotel Properties		1,045		40,974
National Retail Properties, Inc.		875		33,355
OMEGA Healthcare Investors, Inc.		680		25,949
Parkway Properties, Inc.		1,810		36,291
Plum Creek Timber Co., Inc.		805		33,013
Prologis, Inc.		2,195		91,422
Public Storage		500		92,170
Regency Centers Corp.		775		47,043
Simon Property Group, Inc.		1,405		251,790
SL Green Realty Corp.		600		69,420
Sunstone Hotel Investors, Inc.		3,025		46,313
Urstadt Biddle Properties, Inc. Class A		1,155		24,983
Ventas, Inc.		1,545		105,848
Vornado Realty Trust		830		90,868
Washington Prime Group, Inc.		1,282		22,602
Weyerhaeuser Co.		2,050		69,413
				2,386,469
Real Estate Management & Development (0.6%)
Brookfield Asset Management, Inc. Class A		975		47,746
Brookfield Property Partners LP		995		22,636
Forest City Enterprises, Inc. Class A		2,490		52,016	*
				122,398
Total Common Stocks (Cost $7,448,194)				8,721,238

	Principal Amount^a		Value†
Government Securities (13.3%)
Sovereign (13.3%)
Australia Government Bond, Senior Unsecured Notes, 2.50%, due 9/20/30	AUD	30,000	$	34,323
Canadian Government Bond, Bonds, 1.50%, due 12/1/44	CAD	48,932		52,487
Deutsche Bundesrepublik Inflation Linked Bond, Bonds, 0.50%, due 4/15/30	EUR	65,488		89,946
France Government Bond OAT, Unsecured Notes, 0.70%, due 7/25/30	EUR	129,981		172,943
Ireland Government Bond, Unsecured Notes, 3.40%, due 3/18/24	EUR	95,000		136,189
Italy Buoni Poliennali Del Tesoro, Bonds, 2.35%, due 9/15/35	EUR	286,068		383,354
Italy Buoni Poliennali Del Tesoro, Bonds, 2.55%, due 9/15/41	EUR	146,265		193,537
Italy Buoni Poliennali Del Tesoro, Senior Unsecured Notes, 2.60%, due 9/15/23	EUR	227,668		320,046
Mexican Bonos, Bonds, 7.75%, due 11/13/42	MXN	190,000		15,777

	Principal Amount^a		Value†
New Zealand Government Bond, Senior Unsecured Notes, 2.00%, due 9/20/25	NZD	240,000	$	186,203
South Africa Government Bond, Bonds, 6.50%, due 2/28/41	ZAR	255,000		17,991
Spain Government Bond, Bonds, 5.15%, due 10/31/44	EUR	105,000		171,956	^ñ
Sweden Government Bond, Bonds, 0.25%, due 6/1/22	SEK	345,000		49,220
United Kingdom Gilt Inflation Linked Bonds, Bonds, 0.13%, due 3/22/24	GBP	26,500		45,269
United Kingdom Gilt Inflation Linked Bonds, Bonds, 0.13%, due 3/22/44	GBP	238,500		440,061
United Kingdom Gilt Inflation Linked Bonds, Senior Unsecured Notes, 0.13%, due 3/22/29	GBP	156,938		271,522
Total Government Securities (Cost $2,589,458)				2,580,824

See Notes to Schedule of Investments

	Principal Amount^a		Value†
U.S. Treasury Securities-Backed by the Full Faith and Credit of the U.S. Government (11.4%)
U.S. Treasury Inflation Indexed Bonds, 0.13%, due 4/15/18	$	20,580	$	20,826
U.S. Treasury Inflation Indexed Bonds, 0.13%, due 4/15/19		65,983		66,422
U.S. Treasury Inflation Indexed Bonds, 0.13%, due 7/15/22		51,718		50,950
U.S. Treasury Inflation Indexed Bonds, 0.63%, due 1/15/24		489,326		496,819
U.S. Treasury Inflation Indexed Bonds, 0.75%, due 2/15/42		63,161		59,578
U.S. Treasury Inflation Indexed Bonds, 1.75%, due 1/15/28		283,853		321,951
U.S. Treasury Inflation Indexed Bonds, 1.88%, due 7/15/19		83,552		91,464
U.S. Treasury Inflation Indexed Bonds, 2.00%, due 1/15/26		137,822		159,130

	Principal Amount^a		Value†
U.S. Treasury Inflation Indexed Bonds, 2.13%, due 2/15/40	$	66,031	$	83,704
U.S. Treasury Inflation Indexed Bonds, 2.38%, due 1/15/27		70,771		85,129
U.S. Treasury Inflation Indexed Bonds, 2.50%, due 1/15/29		193,883		241,005
U.S. Treasury Inflation Indexed Bonds, 3.38%, due 4/15/32		80,405		114,012
U.S. Treasury Inflation Indexed Bonds, 3.88%, due 4/15/29		115,754		166,135
U.S. Treasury Inflation Indexed Notes, 0.13%, due 1/15/22		78,821		77,626
U.S. Treasury Inflation Indexed Notes, 1.13%, due 1/15/21		152,232		160,640
Total U.S. Treasury Securities-Backed by the Full Faith and Credit of the U.S. Government (Cost $2,227,040)				2,195,391

	Number of Shares		Value†
Mutual Funds (29.1%)
Neuberger Berman Emerging Markets Equity Fund Institutional Class		103,341	$	1,764,005	^§
Neuberger Berman Floating Rate Income Fund Institutional Class		91,688		927,348	^§
Neuberger Berman High Income Bond Fund Institutional Class		102,045		948,255	^§
Neuberger Berman Risk Balanced Commodity Strategy Fund Institutional Class		238,082		1,998,032	*§
Total Mutual Funds (Cost $5,867,864)				5,637,640
Short-Term Investments (1.6%)
State Street Institutional Liquid Reserves Fund Premier Class (Cost $314,775)		314,775		314,775	^ØØ
Total Investments (100.4%) (Cost $18,447,331)				19,449,868	^##
Liabilities, less cash, receivables and other assets [(0.4%)]				(68,475	)^±
Total Net Assets (100.0%)			$	19,381,393

See Notes to Schedule of Investments

Schedule of Investments Long Short Fund

TOP TEN EQUITY HOLDINGS LONG POSITIONS

1	PetSmart, Inc.	2.8	%
2	Zimmer Holdings, Inc.	2.6	%
3	Brookfield Infrastructure Partners LP	2.2	%
4	PVH Corp.	2.0	%
5	Delta Air Lines, Inc.	1.7	%

6	Home Depot, Inc.	1.7	%
7	DaVita HealthCare Partners, Inc.	1.7	%
8	Markit Ltd.	1.5	%
9	Enbridge, Inc.	1.4	%
10	Wesco-Aircraft Holdings, Inc.	1.3	%

TOP TEN EQUITY HOLDINGS SHORT POSITIONS

1	iShares Russell Mid-Cap ETF	(1.1	)%
2	iShares Russell 2000 ETF	(1.0	)%
3	Utilities Select Sector SPDR Fund	(0.9	)%
4	Vipshop Holdings Ltd. ADS	(0.6	)%
5	Vanguard REIT ETF	(0.6	)%

6	Bed Bath & Beyond, Inc.	(0.6	)%
7	Consolidated Edison, Inc.	(0.5	)%
8	CGI Group, Inc. Class A	(0.5	)%
9	iShares MSCI Emerging Markets ETF	(0.5	)%
10	Consumer Discretionary Select Sector SPDR Fund	(0.5	)%

	Number of Shares		Value†
Long Positions (98.2%)
Common Stocks (65.8%)
Aerospace & Defense (0.8%)
Precision Castparts Corp.		113,700	$	25,093,590
Airlines (1.7%)
Delta Air Lines, Inc.		1,395,966		56,159,712
Automobiles (1.1%)
General Motors Co.		1,179,220		37,027,508
Banks (2.6%)
Citigroup, Inc.		444,000		23,767,320	^ØØ
Fifth Third Bancorp		330,000		6,596,700
JPMorgan Chase & Co.		450,000		27,216,000
U.S. Bancorp		198,300		8,447,580
Wells Fargo & Co.		355,000		18,846,950
				84,874,550
Building Products (0.7%)
Armstrong World Industries, Inc.		491,900		23,817,798	*
Capital Markets (0.5%)
BlackRock, Inc.		29,000		9,892,190
Moelis & Co. Class A		146,400		5,001,024
				14,893,214
Chemicals (0.6%)
Ashland, Inc.		192,500		20,803,475
Communications Equipment (0.4%)
Motorola Solutions, Inc.		180,500		11,642,250
Consumer Finance (0.8%)
Synchrony Financial		955,000		25,804,100	*ØØ

	Number of Shares		Value†
Diversified Financial Services (0.8%)
CME Group, Inc.		310,000	$	25,981,100
Electric Utilities (3.0%)
Brookfield Infrastructure Partners LP		1,720,400		69,831,036	^ØØ
Northeast Utilities		293,900		14,503,965
NRG Yield, Inc. Class A		280,000		13,991,600
				98,326,601
Electrical Equipment (0.3%)
Sensata Technologies Holding NV		202,000		9,859,620	*
Electronic Equipment, Instruments & Components (0.4%)
Amphenol Corp. Class A		240,000		12,139,200
Food & Staples Retailing (0.9%)
Costco Wholesale Corp.		202,000		26,940,740
Walgreen Co.		51,000		3,275,220
				30,215,960
Food Products (0.4%)
Pinnacle Foods, Inc.		332,200		11,228,360	^ØØ
Health Care Equipment & Supplies (3.5%)
Sirona Dental Systems, Inc.		352,900		27,720,295	*ØØ
Zimmer Holdings, Inc.		764,200		85,009,608	^ØØ
				112,729,903

	Number of Shares		Value†
Health Care Providers & Services (2.9%)
Accretive Health, Inc.		1,090,875	$	7,854,300	*
DaVita HealthCare Partners, Inc.		692,000		54,024,440	*
HCA Holdings, Inc.		162,300		11,369,115	*
HealthSouth Corp.		196,932		7,942,267
Tenet		198,900		11,148,345	*
Healthcare Corp.
				92,338,467
Hotels, Restaurants & Leisure (3.1%)
Darden Restaurants, Inc.		340,000		17,605,200
Dunkin' Brands Group, Inc.		790,000		35,929,200
Hilton Worldwide Holdings, Inc.		712,800		17,991,072	*
McDonald's Corp.		120,000		11,247,600
Wyndham Worldwide Corp.		228,500		17,747,595
				100,520,667
Household Durables (1.0%)
Lennar Corp. Class A		570,000		24,555,600
Newell Rubbermaid, Inc.		270,000		8,999,100
				33,554,700

See Notes to Schedule of Investments

	Number of Shares		Value†
Independent Power and Renewable Electricity Producers (0.5%)
Calpine Corp.		750,000	$	17,115,000	*ØØ
Internet & Catalog Retail (0.5%)
Amazon.com, Inc.		48,900		14,936,994	*
Internet Software & Services (1.9%)
Alibaba Group Holding Ltd. ADR		121,100		11,940,460	*
eBay, Inc.		490,000		25,725,000	*
Google, Inc. Class A		23,000		13,061,010	*
Google, Inc. Class C		19,400		10,846,152	*
				61,572,622
IT Services (2.0%)
Genpact Ltd.		1,197,505		21,016,213	*
Visa, Inc. Class A		159,000		38,387,370
WEX, Inc.		40,000		4,542,400	*
				63,945,983
Machinery (0.7%)
Ingersoll- Rand PLC		345,000		21,603,900
Media (1.5%)
Markit Ltd.		1,880,100		48,017,754	*
Metals & Mining (0.9%)
Steel Dynamics, Inc.		660,000		15,186,600
United States Steel Corp.		310,000		12,412,400
				27,599,000
Multi-Utilities (1.6%)
NiSource, Inc.		609,500		25,635,570
Wisconsin Energy Corp.		491,000		24,383,060	^ØØ
				50,018,630
Oil, Gas & Consumable Fuels (5.9%)
Antero Resources Corp.		437,500		22,942,500	*
Athlon Energy, Inc.		513,700		29,948,710	*
Cabot Oil & Gas Corp.		400,400		12,452,440
Enbridge, Inc.		975,000		46,176,000

	Number of Shares		Value†
Peabody Energy Corp.		856,300	$	8,931,209
Rice Energy, Inc.		1,293,200		34,179,276	*ØØ
Southwestern Energy Co.		380,000		12,353,800	*
Teekay Corp.		386,320		22,584,267	^ØØ
				189,568,202
Pharmaceuticals (2.1%)
Bristol-Myers Squibb Co.		634,900		36,944,831
Eli Lilly & Co.		205,000		13,597,650
Pfizer, Inc.		545,600		16,340,720
				66,883,201
Professional Services (2.1%)
Nielsen NV		620,300		26,356,547
Verisk Analytics, Inc. Class A		640,642		39,944,029	*
				66,300,576
Real Estate Investment Trusts (1.6%)
CBS Outdoor Americas, Inc.		398,300		12,120,269
General Growth Properties, Inc.		450,000		11,659,500
Weyerhaeuser Co.		850,000		28,781,000	^ØØ
				52,560,769
Real Estate Management & Development (1.3%)
Brookfield Asset Management, Inc. Class A		850,000		41,624,500
Road & Rail (1.0%)
Canadian Pacific Railway Ltd.		162,100		33,664,928
Semiconductors & Semiconductor Equipment (1.3%)
Altera Corp.		673,097		23,134,344	^ØØ
ASML Holding NV		200,000		19,936,000	^ØØ
				43,070,344
Software (0.4%)
Activision Blizzard, Inc.		681,000		13,585,950	^ØØ

	Number of Shares		Value†
Specialty Retail (6.3%)
Asbury Automotive Group, Inc.		330,000	$	23,113,200	*
Home Depot, Inc.		570,000		55,586,400
PetSmart, Inc.		1,270,858		91,946,576	^ØØ
Tractor Supply Co.		463,000		33,900,860	^ØØ
				204,547,036
Technology Hardware, Storage & Peripherals (1.8%)
Apple, Inc.		216,300		23,360,400	^ØØ
SanDisk Corp.		364,000		34,266,960	^ØØ
				57,627,360
Textiles, Apparel & Luxury Goods (2.5%)
lululemon athletica, Inc.		201,518		8,393,225	*
PVH Corp.		555,000		63,464,250	^ØØ
Wolverine World Wide, Inc.		275,000		7,463,500
				79,320,975
Tobacco (1.6%)
Lorillard, Inc.		530,000		32,595,000
Philip Morris International, Inc.		208,100		18,522,981
				51,117,981
Transportation Infrastructure (1.3%)
Wesco Aircraft Holdings, Inc.		2,420,000		42,955,000	*
Water Utilities (0.9%)
American Water Works Co., Inc.		564,000		30,100,680
Wireless Telecommunication Services (0.6%)
SBA Communications Corp. Class A		160,000		17,972,800	^*ØØ
Total Common Stocks (Cost $1,886,035,460)				2,122,720,960

See Notes to Schedule of Investments

	Principal Amount		Value†
Corporate Debt Securities (16.4%)
Airlines (0.8%)
UAL Corp., Guaranteed Notes, 6.00%, due 12/1/20	$	6,970,000	$	7,170,388
UAL Corp., Guaranteed Notes, 6.38%, due 6/1/18		4,385,000		4,582,325
UAL Corp., Guaranteed Notes, Ser. A, 6.00%, due 7/15/26		4,030,000		3,899,025
UAL Corp., Guaranteed Notes, Ser. B, 6.00%, due 7/15/28		10,970,000		10,448,925
				26,100,663
Auto Manufacturers (0.1%)
Chrysler Group LLC/CG Co-Issuer, Inc., Secured Notes, 8.25%, due 6/15/21		4,120,000		4,604,100
Auto Parts & Equipment (0.3%)
Goodyear Tire & Rubber Co., Guaranteed Notes, 6.50%, due 3/1/21		6,425,000		6,874,750
Goodyear Tire & Rubber Co., Guaranteed Notes, 7.00%, due 5/15/22		1,460,000		1,587,750
				8,462,500
Beverages (0.0%)
Constellation Brands, Inc., Guaranteed Notes, 4.75%, due 11/15/24		190,000		194,275	^Ø

	Principal Amount		Value†
Coal (0.9%)
Alpha Natural Resources, Inc., Guaranteed Notes, 6.00%, due 6/1/19	$	15,860,000	$	7,930,000
Alpha Natural Resources, Inc., Guaranteed Notes, 6.25%, due 6/1/21		2,705,000		1,244,300
Alpha Natural Resources, Inc., Guaranteed Notes, 9.75%, due 4/15/18		9,511,000		6,205,928
Arch Coal, Inc., Guaranteed Notes, 7.00%, due 6/15/19		28,456,000		11,240,120
Arch Coal, Inc., Guaranteed Notes, 7.25%, due 10/1/20		2,333,000		1,119,840
				27,740,188
Computers (0.1%)
Dell, Inc., Senior Unsecured Notes, 5.88%, due 6/15/19		3,817,000		4,046,020
Diversified Financial Services (0.1%)
SLM Corp., Senior Unsecured Notes, 5.50%, due 1/25/23		3,050,000		3,050,000
Electric (1.6%)
Calpine Corp., Senior Unsecured Notes, 5.75%, due 1/15/25		19,225,000		19,465,313

	Principal Amount		Value†
DPL, Inc., Senior Unsecured Notes, 7.25%, due 10/15/21	$	28,571,000	$	30,356,687
				49,822,000
Entertainment (0.1%)
Regal Entertainment Group, Senior Unsecured Notes, 5.75%, due 3/15/22		2,595,000		2,536,613
Food (0.6%)
SUPER- VALU, Inc., Senior Unsecured Notes, 6.75%, due 6/1/21		19,440,000		19,051,200
Healthcare-Services (1.2%)
CHS/ Community Health Systems, Inc., Guaranteed Notes, 7.13%, due 7/15/20		14,746,000		15,962,545
DaVita HealthCare Partners, Inc., Guaranteed Notes, 5.13%, due 7/15/24		9,650,000		9,843,000
HCA, Inc., Guaranteed Notes, 5.88%, due 5/1/23		2,070,000		2,225,250
Select Medical Corp., Guaranteed Notes, 6.38%, due 6/1/21		10,908,000		11,153,430
				39,184,225
Home Builders (0.8%)
KB Home, Guaranteed Notes, 7.00%, due 12/15/21		14,960,000		16,007,200

See Notes to Schedule of Investments

	Principal Amount		Value†
KB Home, Guaranteed Notes, 7.50%, due 9/15/22	$	9,067,000	$	9,769,693
				25,776,893
Iron—Steel (1.0%)
AK Steel Corp., Guaranteed Notes, 7.63%, due 5/15/20		21,675,000		21,837,562
AK Steel Corp., Guaranteed Notes, 7.63%, due 10/1/21		1,770,000		1,774,425
United States Steel Corp., Senior Unsecured Notes, 7.38%, due 4/1/20		5,940,000		6,652,800
United States Steel Corp., Senior Unsecured Notes, 7.50%, due 3/15/22		2,086,000		2,284,170
				32,548,957
Media (2.1%)
Cable- vision Systems Corp., Senior Unsecured Notes, 5.88%, due 9/15/22		25,778,000		26,229,115
CCO Holdings LLC, Guaranteed Notes, 5.25%, due 9/30/22		6,545,000		6,585,906
CCOH Safari LLC, Guaranteed Notes, 5.75%, due 12/1/24		8,340,000		8,402,550	^Ø

	Principal Amount		Value†
Clear Channel Worldwide Holdings, Inc., Guaranteed Notes, Ser. B, 7.63%, due 3/15/20	$	11,735,000	$	12,483,106
Sinclair Television Group, Inc., Guaranteed Notes, 5.38%, due 4/1/21		1,000,000		1,002,500
Sinclair Television Group, Inc., Senior Unsecured Notes, 6.13%, 10/1/22		12,563,000		13,002,705
				67,705,882
Oil & Gas (2.1%)
EXCO Resources, Inc., Guaranteed Notes, 7.50%, due 9/15/18		27,290,000		24,083,425
Forest Oil Corp., Guaranteed Notes, 7.25%, due 6/15/19		20,104,000		19,400,360
SandRidge Energy, Inc., Guaranteed Notes, 7.50%, due 2/15/23		18,175,000		16,221,187
SandRidge Energy, Inc., Guaranteed Notes, 7.50%, due 3/15/21		9,835,000		8,753,150
				68,458,122
Oil & Gas Services (0.5%)
Key Energy Services, Inc., Guaranteed Notes, 6.75%, due 3/1/21		17,450,000		15,530,500

	Principal Amount		Value†
Retail (1.3%)
BC ULC/ New Red Finance, Inc., Secured Notes, 6.00%, due 4/1/22	$	250,000	$	253,437	^ñ
Best Buy Co., Inc., Senior Unsecured Notes, 5.50%, due 3/15/21		20,042,000		20,593,155
Bon-Ton Department Stores, Inc., Secured Notes, 8.00%, due 6/15/21		14,984,000		13,036,080
JC Penney Corp., Inc., Guaranteed Notes, 5.65%, due 6/1/20		9,236,000		7,596,610
JC Penney Corp., Inc., Guaranteed Notes, 5.75%, due 2/15/18		735,000		687,225
JC Penney Corp., Inc., Guaranteed Notes, 8.13%, due 10/1/19		250,000		240,000
				42,406,507
Telecommunications (2.5%)
CenturyLink, Inc., Senior Unsecured Notes, Ser. T, 5.80%, due 3/15/22		500,000		530,000
CenturyLink, Inc., Senior Unsecured Notes, Ser. W, 6.75%, due 12/1/23		3,392,000		3,765,120

See Notes to Schedule of Investments

	Principal Amount		Value†
Frontier Communications Corp., Senior Unsecured Notes, 6.88%, due 1/15/25	$	7,020,000	$	7,107,750
Frontier Communications Corp., Senior Unsecured Notes, 7.63%, due 4/15/24		20,927,000		22,496,525
MetroPCS Wireless, Inc., Guaranteed Notes, 6.63%, due 11/15/20		4,910,000		5,173,912
Sprint Capital Corp., Guaranteed Notes, 6.88%, 11/15/28		17,456,000		16,975,960
Sprint Nextel Corp., Senior Unsecured Notes, 6.00%, due 11/15/22		15,425,000		15,386,437
T-Mobile USA, Inc., Guaranteed Notes, 6.13%, due 1/15/22		4,090,000		4,238,263
T-Mobile USA, Inc., Guaranteed Notes, 6.38%, due 3/1/25		465,000		477,788
T-Mobile USA, Inc., Guaranteed Notes, 6.50%, due 1/15/24		5,475,000		5,735,062
				81,886,817
Transportation (0.3%)
Teekay Offshore Partners LP, Senior Unsecured Notes, 6.00%, due 7/30/19		10,820,000		10,454,825
Total Corporate Debt Securities (Cost $554,149,059)				529,560,287

	Contracts			Value†
Purchased Options (0.0%)
PetSmart, Inc., Call January 2015 @ 75 (Cost $420,633)		1,760		$	369,600
	Number of Shares
Short-Term Investments (16.0%)
State Street Institutional Government Money Market Fund Premier Class (Cost $517,723,917)		517,723,917			517,723,917	^ØØ
Total Long Positions (98.2%) (Cost $2,958,329,069)					3,170,374,764	^##
Cash, receivables and other assets, less liabilities (14.3%)					460,471,184	^‡‡±
Short Positions (see summary below) ((12.5)%)					(403,450,020	)
Total Net Assets (100.0%)				$	3,227,395,928
Short Positions ((12.5)%)
Common Stocks Sold Short (6.8%)^‡
Airlines (0.2%)
American Airlines Group, Inc.		(140,000	)		(5,789,000	)
Auto Components (0.4%)
Lear Corp.		(142,000	)		(13,135,000	)
Banks (0.1%)
First Horizon National Corp.		(352,300	)		(4,530,578	)
Capital Markets (0.2%)
Cohen &		(96,101	)		(4,118,889	)
Steers, Inc.
Franklin Resources, Inc.		(45,900	)		(2,552,499	)
					(6,671,388	)
Containers & Packaging (0.1%)
Bemis Co., Inc.		(88,000	)		(3,385,360	)
Electric Utilities (0.3%)
Southern Co.		(230,000	)		(10,662,800	)

	Number of Shares			Value†
Electronic Equipment, Instruments & Components (0.2%)
Avnet, Inc.		(119,600	)	$	(5,172,700	)
Energy Equipment & Services (0.3%)
Baker Hughes, Inc.		(52,900	)		(2,801,584	)
Transocean Partners LLC		(216,000	)		(5,428,080	)*
Weatherford International PLC		(75,000	)		(1,231,500	)*
					(9,461,164	)
Hotels, Restaurants & Leisure (0.2%)
Carnival Corp.		(75,000	)		(3,011,250	)
Chuy's Holdings, Inc.		(85,100	)		(2,545,341	)*
					(5,556,591	)
Internet & Catalog Retail (0.8%)
Jumei International Holding Ltd. ADR		(258,700	)		(6,964,204	)*
Vipshop Holdings Ltd. ADS		(87,700	)		(20,108,733	)*
					(27,072,937	)
IT Services (0.6%)
CGI Group, Inc. Class A		(463,362	)		(15,916,485	)*
NeuStar, Inc. Class A		(100,000	)		(2,641,000	)*
					(18,557,485	)
Multi-Utilities (0.7%)
Consolidated Edison, Inc.		(260,000	)		(16,473,600	)
PG&E Corp.		(100,000	)		(5,032,000	)
					(21,505,600	)
Multiline Retail (0.1%)
Kohl's Corp.		(60,000	)		(3,253,200	)
Oil, Gas & Consumable Fuels (0.7%)
Cheniere Energy, Inc.		(83,400	)		(6,255,000	)*
Energy Transfer Partners LP		(140,200	)		(9,033,086	)
Kinder Morgan, Inc.		(200,000	)		(7,740,000	)
					(23,028,086	)

See Notes to Schedule of Investments

	Number of Shares			Value†
Professional Services (0.1%)
Dun & Bradstreet Corp.		(35,000	)	$	(4,298,350	)
Semiconductors & Semiconductor Equipment (0.4%)
Applied Materials, Inc.		(370,000	)		(8,173,300	)
Xilinx, Inc.		(97,000	)		(4,314,560	)
					(12,487,860	)
Software (0.1%)
Rovi Corp.		(168,404	)		(3,516,275	)*
Specialty Retail (1.1%)
Bed Bath & Beyond, Inc.		(270,000	)		(18,181,800	)*
Sally Beauty Holdings, Inc.		(320,000	)		(9,379,200	)*
Sonic Automotive, Inc. Class A		(332,900	)		(8,285,881	)
					(35,846,881	)
Textiles, Apparel & Luxury Goods (0.2%)
Coach, Inc.		(180,000	)		(6,188,400	)
Total Common Stocks Sold Short (Proceeds $(205,987,040))					(220,119,655	)
Exchange Traded Funds Sold Short (5.7%)
Consumer Discretionary Select Sector SPDR Fund		(227,000	)		(15,458,700	)
Industrial Select Sector SPDR Fund		(270,000	)		(14,909,400	)
iShares Core S&P Small-Cap ETF		(77,000	)		(8,586,270	)
iShares MSCI Australia ETF		(101,000	)		(2,568,430	)
iShares MSCI Emerging Markets ETF		(370,000	)		(15,595,500	)

	Number of Shares			Value†
iShares Russell 2000 ETF		(273,500	)	$	(31,879,160	)
iShares Russell Mid-Cap ETF		(220,000	)		(35,932,600	)
SPDR S&P Retail ETF		(126,500	)		(11,188,925	)
Utilities Select Sector SPDR Fund		(604,000	)		(27,463,880	)
Vanguard REIT ETF		(250,000	)		(19,747,500	)
Total Exchange Traded Funds Sold Short (Proceeds $(165,847,760))					(183,330,365	)
Total Short Positions (Proceeds $(371,834,800))					(403,450,020	)

See Notes to Schedule of Investments

Notes to Schedule of Investments

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

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

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

• Level 3 – unobservable inputs (including a Fund's own assumptions in determining the fair value of investments)

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

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

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

See Notes to Financial Statements

Notes to Schedule of Investments (cont'd)

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

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

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

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

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

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

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

See Notes to Financial Statements

Notes to Schedule of Investments (cont'd)

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

The following is a summary, categorized by Level, of inputs used to value the Funds' investments as of October 31, 2014:

Asset Valuation Inputs
	Level 1		Level 2		Level 3		Total
Flexible Select
Investments:
Common Stocks^	$	84,035,352	$	—	$	—	$	84,035,352
Preferred Stocks^		255,941		—		—		255,941
Exchange Traded Funds		15,729		—		—		15,729
Mutual Funds		—		6,133,003		—		6,133,003
Short-Term Investments		—		6,983,117		—		6,983,117
Total Investments		84,307,022		13,116,120		—		97,423,142
Global Allocation
Investments:
Common Stocks^		9,678,440		—		—		9,678,440
Short-Term Investments		—		17,091,904		—		17,091,904
Total Long Positions		9,678,440		17,091,904		—		26,770,344
Inflation Navigator
Investments:
Common Stocks^		8,721,238		—		—		8,721,238
Government Securities^		—		2,580,824		—		2,580,824
U.S. Treasury Securities-Backed by the Full Faith and Credit of the U.S. Government		—		2,195,391		—		2,195,391
Mutual Funds		—		5,637,640		—		5,637,640
Short-Term Investments		—		314,775		—		314,775
Total Investments		8,721,238		10,728,630		—		19,449,868
Long Short
Investments:
Common Stocks^		2,122,720,960		—		—		2,122,720,960
Corporate Debt Securities^		—		529,560,287		—		529,560,287
Purchased Options		369,600		—		—		369,600
Short-Term Investments		—		517,723,917		—		517,723,917
Total Long Positions	$	2,123,090,560	$	1,047,284,204	$	—	$	3,170,374,764

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

See Notes to Financial Statements

Notes to Schedule of Investments (cont'd)

The following is a summary, categorized by Level, of inputs used to value the Funds' derivatives as of October 31, 2014:

Asset Valuation Inputs	Level 1		Level 2		Level 3		Total
Global Allocation
Forward contracts (unrealized appreciation)	$	—	$	27,652	$	—	$	27,652
Futures contracts (unrealized appreciation)		353,804		—		—		353,804
Total return swaps (unrealized appreciation)		—		571,855		—		571,855
Total	$	353,804	$	599,507	$	—	$	953,311
Inflation Navigator
Futures contracts (unrealized appreciation)	$	39,355	$	—	$	—	$	39,355
Total	$	39,355	$	—	$	—	$	39,355

The following is a summary, categorized by Level, of inputs used to value the Funds' investments as of October 31, 2014:

Liability Valuation Inputs	Level 1			Level 2			Level 3		Total
Global Allocation
Common Stocks Sold Short^
United States	$	(4,869,231	)	$	(17,518	)	$	—	$	(4,886,749	)
Other Common Stock Sold Shortß		(4,849,017	)		—			—		(4,849,017	)
Total Common Stocks Sold Short		(9,718,248	)		(17,518	)		—		(9,735,766	)
Total Short Positions	$	(9,718,248	)	$	(17,518	)	$	—	$	(9,735,766	)
Long Short
Common Stocks Sold Short^	$	(220,119,655	)	$	—		$	—	$	(220,119,655	)
Exchange Traded Funds Sold Short		(183,330,365	)		—			—		(183,330,365	)
Total Short Positions	$	(403,450,020	)	$	—		$	—	$	(403,450,020	)

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

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

The following is a summary, categorized by Level, of inputs used to value the Funds' derivatives as of October 31, 2014:

Liability Valuation Inputs	Level 1			Level 2			Level 3		Total
Global Allocation
Forward contracts (unrealized depreciation)	$	—		$	(24,692	)	$	—	$	(24,692	)
Futures contracts (unrealized depreciation)		(141,128	)		—			—		(141,128	)
Total return swaps (unrealized depreciation)		—			(115,060	)		—		(115,060	)
Total	$	(141,128	)	$	(139,752	)	$	—	$	(280,880	)
Inflation Navigator
Futures contracts (unrealized depreciation)	$	(54,036	)	$	—		$	—	$	(54,036	)
Total	$	(54,036	)	$	—		$	—	$	(54,036	)

See Notes to Financial Statements

Notes to Schedule of Investments (cont'd)

Liability Valuation Inputs	Level 1			Level 2		Level 3		Total
Long Short
Futures contracts (unrealized depreciation)	$	(8,995,636	)	$	—	$	—	$	(8,995,636	)
Option contracts		(147,840	)		—		—		(147,840	)
Total	$	(9,143,476	)	$	—	$	—	$	(9,143,476	)

As of the year ending October 31, 2014, the Funds had no transfers between levels 1, 2 or 3 based on the beginning of period market values as of October 31, 2013.

## At October 31, 2014, selected fund information on a U.S. federal income tax basis was as follows:

	Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Flexible Select	$	86,665,275	$	11,881,007	$	1,123,140	$	10,757,867
Global Allocation		27,394,110		500,769		1,124,535		(623,766	)
Inflation Navigator		18,307,054		1,599,832		457,018		1,142,814
Long Short		2,956,634,338		294,636,538		80,896,112		213,740,426

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

‡‡ At October 31, 2014, Long Short had outstanding put options written as follows:

Name of Issuer	Contracts		Exercise Price		Expiration Date	Market Value of Options
PetSmart, Inc., Put		1,760		65	January 2015	$	(147,840	)
						$	(147,840	)

At October 31, 2014, Long Short had deposited $12,012,000 in a segregated account to cover requirements on put options written.

@ All or a portion of this security is pledged in connection with outstanding call options written.

ñ Securities were purchased under Rule 144A of the Securities Act of 1933, as amended (the "1933 Act"), or are private placements and, unless registered under the 1933 Act or exempted from registration, may only be sold to qualified institutional investors. These securities have been deemed by the investment manager to be liquid. At October 31, 2014, these securities amounted to $171,956 or 0.9% of net assets for Inflation Navigator and $253,437 or 0.0% of net assets for Long Short.

Ø All or a portion of this security was purchased on a when-issued basis. At October 31, 2014, these securities amounted to $8,596,825 for Long Short.

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

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

‡ At October 31, 2014, Global Allocation had deposited $10,286,452 in a segregated account to cover collateral requirements for borrowing in connection with securities sold short. For Global Allocation, this collateral is made up of the proceeds from the securities sold short and collateral received from security lending activities. At October 31, 2014, Long Short had deposited $406,375,507 in a segregated account to cover collateral requirements for borrowing in connection with securities sold short.

See Notes to Financial Statements

Notes to Schedule of Investments (cont'd)

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

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

AUD = Australian Dollar

CAD = Canadian Dollar

EUR = Euro

GBP = Pound Sterling

MXN = Mexican Peso

NZD = New Zealand Dollar

SEK = Swedish Krona

ZAR = South African Rand

b Effective June 2, 2014. Formerly, Neuberger Berman Dynamic Real Return Fund through June 1, 2014.

± See Note A-13 in the Notes to Financial Statements for the Funds' open positions in derivatives at October 31, 2014.

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

See Notes to Financial Statements

Statements of Asset and Liabilities

Neuberger Berman Alternative Funds

		FLEXIBLE SELECT FUND		GLOBAL ALLOCATION FUND			INFLATION NAVIGATOR FUND^a
		October 31, 2014		October 31, 2014			October 31, 2014
Assets
Investments in securities, at value*† (Notes A & F)— see Schedule of Investments:
Unaffiliated issuers		$	91,290,139	$	26,770,344		$	13,812,228
Affiliated issuers			6,133,003		—			5,637,640
			97,423,142		26,770,344			19,449,868
Foreign currency*			—		3,930			8,025
Deposits with brokers for short sales (Note A-10)			—		10,053,738			—
Deposits with brokers for futures contracts (Note A-13)			—		679,709			43,262
Deposits with brokers for option contracts (Note A-13)			—		—			—
Deposits with brokers for open swap contracts (Note A-13)			—		460,000			—
Deposits with brokers for forward foreign currency contracts (Note A-13)			—		420,000			—
Dividends and interest receivable			81,038		8,477			34,924
Receivable for securities sold			273,678		—			49,246
Receivable for Fund shares sold			—		18,202			—
Receivable from Management—net (Note B)			37,295		60,567			57,081
Open swap contracts, at value (Note A-13)			—		571,855			—
Cash collateral for securities loaned (Note A-11)			—		243,916			—
Receivable for variation margin (Note A-13)			—		45,674			10,479
Receivable for open forward foreign currency contracts (Note A-13)			—		27,652			—
Prepaid expenses and other assets			15,681		13,908			24,125
Total Assets			97,830,834		39,377,972			19,677,010
Liabilities
Investments sold short, at value** (Note A)			—		9,735,766			—
Interest payable for short sales			—		21,177			—
Payable for collateral on securities loaned (Note A-11)			—		243,916			—
Payable to investment manager—net (Notes A & B)			46,544		16,056			6,662
Options contracts written, at value*** (Note A-13)			—		—			—
Payable for securities purchased			161,752		—			166,959
Payable for Fund shares redeemed			—		34,820			—
Payable to administrator—net (Note B)			—		—			—
Payable to trustees			1,881		1,881			1,881
Open swap contracts, at value (Note A-13)			—		115,060			—
Payable for variation margin (Note A)			—		—			—
Payable for open forward foreign currency contracts (Note A-13)			—		24,692			—
Accrued expenses and other payables			81,538		161,544			120,115
Total Liabilities			291,715		10,354,912			295,617
Net Assets	��	$	97,539,119	$	29,023,060		$	19,381,393
Net Assets consist of:
Paid-in capital		$	84,248,054	$	28,452,911		$	18,466,551
Undistributed net investment income (loss)			704,109		148,162			3,028
Distributions in excess of net investment income			—		—			—
Accumulated net realized gains (losses) on investments			1,597,358		(219,215	)		(76,667	)
Net unrealized appreciation (depreciation) in value of investments			10,989,598		641,202			988,481
Net Assets		$	97,539,119	$	29,023,060		$	19,381,393
Net Assets
Institutional Class			96,765,995		12,452,132			16,887,069
Class A			636,543		9,569,462			2,192,530
Class C			136,581		7,001,466			301,794

See Notes to Financial Statements

Statements of Asset and Liabilities (cont'd)

Neuberger Berman Alternative Funds (cont'd)

	FLEXIBLE SELECT FUND		GLOBAL ALLOCATION FUND		INFLATION NAVIGATOR FUND^a
	October 31, 2014		October 31, 2014		October 31, 2014
Shares Outstanding ($.001 par value; unlimited shares authorized)
Institutional Class		8,093,058		1,151,488		1,572,028
Class A		53,407		889,354		204,734
Class C		11,561		660,334		28,394
Net Asset Value, offering and redemption price per share
Institutional Class	$	11.96	$	10.81	$	10.74
Net Asset Value and redemption price per share
Class A	$	11.92	$	10.76	$	10.71
Offering Price per share
Class A‡	$	12.65	$	11.42	$	11.36
Net Asset Value and offering price per share
Class C^	$	11.81	$	10.60	$	10.63
†Securities on loan, at value:
Unaffiliated issuers	$	—	$	236,221	$	—
*Cost of Investments:
Unaffiliated issuers	$	80,402,236	$	27,394,109	$	12,579,467
Affiliated issuers		6,031,189		—		5,867,864
Total cost of investments	$	86,433,425	$	27,394,109	$	18,447,331
Total cost of foreign currency	$	—	$	3,182	$	7,388
**Proceeds from investments sold short	$	—	$	10,342,182	$	—
***Premium received from options written	$	—	$	—	$	—

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

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

a Formerly Dynamic Real Return Fund. See Note A of Notes to Financial Statements.

See Notes to Financial Statements

Statements of Asset and Liabilities (cont'd)

Neuberger Berman Alternative Funds

	LONG SHORT FUND
	October 31, 2014
Assets
Investments in securities, at value*† (Notes A & F)—see Schedule of Investments:
Unaffiliated issuers	$	3,170,374,764
Affiliated issuers		—
		3,170,374,764
Foreign currency*		—
Deposits with brokers for short sales (Note A-10)		406,375,507
Deposits with brokers for futures contracts (Note A-13)		18,476,370
Deposits with brokers for option contracts (Note A-13)		12,012,000
Deposits with brokers for open swap contracts (Note A-13)		—
Deposits with brokers for forward foreign currency contracts (Note A-13)		—
Dividends and interest receivable		10,721,909
Receivable for securities sold		42,538,195
Receivable for Fund shares sold		7,919,320
Receivable from Management—net (Note B)		—
Open swap contracts, at value (Note A-13)		—
Cash collateral for securities loaned (Note A-11)		—
Receivable for variation margin (Note A)		—
Receivable for open forward foreign currency contracts (Note A-13)		—
Prepaid expenses and other assets		89,956
Total Assets		3,668,508,021
Liabilities
Investments sold short, at value** (Note A)		403,450,020
Dividends payable for short sales		368,438
Payable for collateral on securities loaned (Note A-11)		—
Payable to investment manager—net (Notes A & B)		2,977,309
Options contracts written, at value*** (Note A-13)		147,840
Payable for securities purchased		21,812,901
Payable for Fund shares redeemed		6,466,590
Payable to administrator—net (Note B)		714,563
Payable to trustees		1,881
Open swap contracts, at value (Note A-13)		—
Payable for variation margin (Note A)		4,416,113
Payable for open forward foreign currency contracts (Note A-13)		—
Accrued expenses and other payables		756,438
Total Liabilities		441,112,093
Net Assets	$	3,227,395,928
Net Assets consist of:
Paid-in capital	$	3,034,472,230
Undistributed net investment income (loss)		—
Distributions in excess of net investment income		(2,109,958	)
Accumulated net realized gains (losses) on investments		23,438,928
Net unrealized appreciation (depreciation) in value of investments		171,594,728
Net Assets	$	3,227,395,928
Net Assets
Institutional Class		2,627,830,743
Class A		388,555,093
Class C		211,010,092

See Notes to Financial Statements

Statements of Asset and Liabilities (cont'd)

Neuberger Berman Alternative Funds (cont'd)

	LONG SHORT FUND
	October 31, 2014
Shares Outstanding ($.001 par value; unlimited shares authorized)
Institutional Class		201,769,229
Class A		30,097,519
Class C		16,670,725
Net Asset Value, offering and redemption price per share
Institutional Class	$	13.02
Net Asset Value and redemption price per share
Class A	$	12.91
Offering Price per share
Class A‡	$	13.70
Net Asset Value and offering price per share
Class C^	$	12.66
†Securities on loan, at value:
Unaffiliated issuers	$	—
*Cost of Investments:
Unaffiliated issuers	$	2,958,329,069
Affiliated issuers		—
Total cost of investments	$	2,958,329,069
Total cost of foreign currency	$	—
**Proceeds from investments sold short	$	371,834,800
***Premium received from options written	$	307,729

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

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

See Notes to Financial Statements

Statements of Operations

Neuberger Berman Alternative Funds

	FLEXIBLE SELECT FUND			GLOBAL ALLOCATION FUND			INFLATION NAVIGATOR FUND^a
	For the Year Ended October 31, 2014			For the Year Ended October 31, 2014			For the Year Ended October 31, 2014
Investment Income:
Income (Note A):
Dividend income—unaffiliated issuers	$	1,533,716		$	127,498		$	217,806
Dividend income—affiliated issuers (Notes A-15 & F)		160,279			—			94,099
Interest and other income—unaffiliated issuers		99			—			71,432
Income from securities loaned—net (Note A-11)		—			1,837			—
Foreign taxes withheld (Note A-6)		(19,353	)		(9,007	)		(224	)
Total income	$	1,674,741		$	120,328		$	383,113
Expenses:
Investment management fees (Note B)		555,535			208,713			108,535
Administration fees (Note B)		55,554			19,266			10,018
Administration fees (Note B):
Institutional Class		82,953			15,348			14,550
Class A		609			18,631			796
Class C		230			11,482			267
Distribution fees (Note B):
Class A		762			23,289			994
Class C		1,150			57,411			1,334
Shareholder servicing agent fees:
Institutional Class		6,421			1,663			1,267
Class A		263			3,245			260
Class C		130			1,841			143
Audit fees		41,000			64,700			59,300
Custodian and accounting fees		93,463			191,221			64,604
Insurance expense		1,419			1,123			560
Legal fees		109,334			114,657			126,649
Registration and filing fees		79,003			49,047			79,321
Shareholder reports		2,131			7,574			6,382
Trustees' fees and expenses		37,055			37,095			37,095
Short sales expense (Note A-10)		—			112,873			—
Dividend expense on securities sold short (Note A-10)		—			166,721			—
Miscellaneous		6,085			46,473			28,573
Total expenses		1,073,097			1,152,373			540,648
Expenses reimbursed by Management (Note B)		(283,525	)		(571,747	)		(386,994	)
Investment management fees waived (Note A)		(15,167	)		—			(36,050	)
Total net expenses		774,405			580,626			117,604
Net investment income (loss)	$	900,336		$	(460,298	)	$	265,509

See Notes to Financial Statements

Statements of Operations (cont'd)

Neuberger Berman Alternative Funds (cont'd)

	FLEXIBLE SELECT FUND			GLOBAL ALLOCATION FUND			INFLATION NAVIGATOR FUND^a
	For the Year Ended October 31, 2014			For the Year Ended October 31, 2014			For the Year Ended October 31, 2014
Realized and Unrealized Gain (Loss) on Investments (Note A):
Net realized gain (loss) on:
Sales of investment securities of unaffiliated issuers		1,765,832			2,048,670			37,307
Sales of investment securities of affiliated issuers		(5,711	)		—			(4,778	)
Sales of investment securities of unaffiliated issuers sold short		—			(1,626,339	)		—
Realized gain distributions from affiliated issuers		—			—			30,706
Forward foreign currency contracts		—			38,624			—
Foreign currency		(477	)		(12,396	)		(2,536	)
Financial futures contracts		—			556,587			(98,804	)
Options written		—			—			—
Total return swap contracts		—			1,302,921			—
Net increase from payments by affiliates (Note B)		—			10,922			—
Change in net unrealized appreciation (depreciation) in value of:
Unaffiliated investment securities		7,014,929			(1,985,705	)		815,416
Affiliated investment securities		94,441			—			(193,556	)
Unaffiliated investment securities sold short		—			706,539			—
Forward foreign currency contracts		—			(1,700	)		—
Foreign currency		(121	)		(14,699	)		796
Financial futures contracts		—			(323,374	)		(503	)
Options written		—			—			—
Total return swap contracts		—			(70,801	)		—
Net gain (loss) on investments		8,868,893			629,249			584,048
Net increase (decrease) in net assets resulting from operations	$	9,769,229		$	168,951		$	849,557

a Formerly Dynamic Real Return Fund. See Note A of Notes to Financial Statements.

See Notes to Financial Statements

Statements of Operations (cont'd)

Neuberger Berman Alternative Funds

	LONG SHORT FUND
	For the Year Ended October 31, 2014
Investment Income:
Income (Note A):
Dividend income—unaffiliated issuers	$	21,939,246
Dividend income—affiliated issuers (Notes A-15 & F)		—
Interest and other income—unaffiliated issuers		26,321,009
Income from securities loaned—net (Note A-11)		—
Foreign taxes withheld (Note A-6)		(377,566	)
Total income	$	47,882,689
Expenses:
Investment management fees (Note B)		28,173,690
Administration fees (Note B)		1,516,671
Administration fees (Note B):
Institutional Class		1,572,706
Class A		1,203,776
Class C		356,893
Distribution fees (Note B):
Class A		1,504,720
Class C		1,784,466
Shareholder servicing agent fees:
Institutional Class		192,568
Class A		111,138
Class C		34,981
Audit fees		32,800
Custodian and accounting fees		420,776
Insurance expense		49,357
Legal fees		117,980
Registration and filing fees		340,710
Shareholder reports		264,658
Trustees' fees and expenses		37,095
Short sales expense (Note A-10)		3,822,513
Dividend expense on securities sold short (Note A-10)		6,106,390
Miscellaneous		108,127
Total expenses		47,752,015
Expenses reimbursed by Management (Note B)		—
Investment management fees waived (Note A)		—
Total net expenses		47,752,015
Net investment income (loss)	$	130,674

See Notes to Financial Statements

Statements of Operations (cont'd)

Neuberger Berman Alternative Funds (cont'd)

	LONG SHORT FUND
	For the Year Ended October 31, 2014
Realized and Unrealized Gain (Loss) on Investments (Note A):
Net realized gain (loss) on:
Sales of investment securities of unaffiliated issuers		56,869,716
Sales of investment securities of affiliated issuers		—
Sales of investment securities of unaffiliated issuers sold short		(12,144,559	)
Realized gain distributions from affiliated issuers		—
Forward foreign currency contracts		—
Foreign currency		(36,413	)
Financial futures contracts		(29,901,918	)
Options written		5,153,000
Total return swap contracts		—
Net increase from payments by affiliates (Note B)		60,836
Change in net unrealized appreciation (depreciation) in value of:
Unaffiliated investment securities		111,378,197
Affiliated investment securities		—
Unaffiliated investment securities sold short		(17,441,745	)
Forward foreign currency contracts		—
Foreign currency		—
Financial futures contracts		(6,038,306	)
Options written		214,429
Total return swap contracts		—
Net gain (loss) on investments		108,113,237
Net increase (decrease) in net assets resulting from operations	$	108,243,911

See Notes to Financial Statements

Statements of Changes in Net Assets

Neuberger Berman Alternative Funds

	FLEXIBLE SELECT FUND						GLOBAL ALLOCATION FUND						INFLATION NAVIGATOR FUND^a						LONG SHORT FUND
	Year Ended October 31, 2014			Period from May 31, 2013 (Commencement of Operations) to October 31, 2013			Year Ended October 31, 2014			Year Ended October 31, 2013			Year Ended October 31, 2014			Period from December 19, 2012 (Commencement of Operations) to October 31, 2013			Year Ended October 31, 2014			Year Ended October 31, 2013
Increase (Decrease) in Net Assets:
From Operations (Note A):
Net investment income (loss)	$	900,336		$	141,121		$	(460,298	)	$	(306,272	)	$	265,509		$	218,670		$	130,674		$	(510,080	)
Net realized gain (loss) on investments		1,759,644			(164,468	)		2,308,067			1,430,530			(38,105	)		(184,391	)		19,939,826			10,428,460
Net increase from payments by affiliates (Note B)		—			—			10,922			—			—			—			60,836			—
Change in net unrealized appreciation (depreciation) of investments		7,109,249			3,880,349			(1,689,740	)		2,185,771			622,153			366,328			88,112,575			81,517,853
Net increase (decrease) in net assets resulting from operations		9,769,229			3,857,002			168,951			3,310,029			849,557			400,607			108,243,911			91,436,233
Distributions to Shareholders From (Note A):
Net investment income:
Institutional Class		(335,177	)		—			(1,423,702	)		(158,784	)		(332,927	)		—			—			(107,714	)
Class A		(302	)		—			(632,740	)		(62,020	)		(1,920	)		—			—			(36,085	)
Class C		(17	)		—			(373,622	)		(11,158	)		(1,167	)		—			—			(1,288	)
Net realized gain on investments:
Institutional Class		—			—			—			—			—			—			(5,606,352	)		(787,269	)
Class A		—			—			—			—			—			—			(2,452,314	)		(315,555	)
Class C		—			—			—			—			—			—			(609,411	)		(37,516	)
Total distributions to shareholders		(335,496	)		—			(2,430,064	)		(231,962	)		(336,014	)		—			(8,668,077	)		(1,285,427	)
From Fund Share Transactions (Note D):
Proceeds from shares sold:
Institutional Class		8,535			85,284,877			3,525,689			10,290,119			1,024,850			17,050,189			2,043,724,867			993,039,563
Class A		540,373			135,504			7,858,510			8,890,938			2,379,608			102,500			405,081,481			508,140,690
Class C		18,500			100,000			4,320,936			2,951,761			199,190			103,500			112,535,003			110,775,702
Proceeds from reinvestment of dividends and distributions:
Institutional Class		335,177			—			1,413,385			157,181			332,927			—			4,822,872			853,873
Class A		302			—			502,685			51,292			1,920			—			2,249,144			293,006
Class C		17			—			359,737			10,926			1,167			—			466,547			17,797
Payments for shares redeemed:
Institutional Class		(162,561	)		(1,936,319	)		(8,502,926	)		(3,857,972	)		(932,595	)		(1,511,161	)		(526,844,014	)		(105,947,534	)
Class A		(76,021	)		—			(6,038,449	)		(5,368,301	)		(281,537	)		—			(546,927,034	)		(60,519,912	)
Class C		—			—			(2,120,187	)		(726,293	)		—			(3,315	)		(22,735,877	)		(4,321,732	)
Net increase (decrease) from Fund share transactions		664,322			83,584,062			1,319,380			12,399,651			2,725,530			15,741,713			1,472,372,989			1,442,331,453
Net Increase (Decrease) in Net Assets		10,098,055			87,441,064			(941,733	)		15,477,718			3,239,073			16,142,320			1,571,948,823			1,532,482,259
Net Assets:
Beginning of year		87,441,064			—			29,964,793			14,487,075			16,142,320			—			1,655,447,105			122,964,846
End of year	$	97,539,119		$	87,441,064		$	29,023,060		$	29,964,793		$	19,381,393		$	16,142,320		$	3,227,395,928		$	1,655,447,105
Undistributed net investment income (loss) at end of year	$	704,109		$	134,668		$	148,162		$	1,798,541		$	3,028		$	157,407		$	—		$	—
Distributions in excess of net investment income at end of year	$	—		$	—		$	—		$	—		$	—		$	—		$	(2,109,958	)	$	(42,614	)

a Formerly Dynamic Real Return Fund. See Note A of Notes to Financial Statements.

See Notes to Financial Statements

Notes to Financial Statements Alternative Funds

Note A—Summary of Significant Accounting Policies:

1 General: Neuberger Berman Alternative Funds (the "Trust") is a Delaware statutory trust organized pursuant to an Amended and Restated Trust Instrument dated March 27, 2014. The Trust is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"), and its shares are registered under the Securities Act of 1933, as amended (the "1933 Act"). Each Fund is a separate operating series of the Trust. Long Short is non-diversified. 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 became diversified in December 2013). Flexible Select, and Inflation Navigator are each diversified. Inflation Navigator had no operations until December 19, 2012, other than matters relating to its organization and its registration of shares under the 1933 Act. Flexible Select had no operations until May 31, 2013, other than matters relating to its organization and its registration of shares under the 1933 Act. Each Fund offers Institutional Class shares, Class A shares and Class C shares. The Board may establish additional series or classes of shares without the approval of shareholders. Effective June 2, 2014, Neuberger Berman Dynamic Real Return Fund changed its name to Neuberger Berman Inflation Navigator Fund.

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

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

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

5 Income tax information: Each Fund is treated as a separate entity for U.S. federal income tax purposes. It is the policy of each Fund to continue to qualify for treatment as a regulated investment company by complying with the requirements of the U.S. Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its net investment income and net realized capital gains to its shareholders. To the extent a Fund

distributes substantially all of its net investment income and net realized capital gains to shareholders, no federal income or excise tax provision is required.

As determined on October 31, 2014, permanent differences resulting primarily from different book and tax accounting were reclassified at year end. Such differences may be attributed to the tax treatment of one or more of the following: gains and losses from passive foreign investment companies (PFICs), swaps, foreign currencies, foreign futures and partnerships; net operating losses written off or netted against short term gains; non-deductible stock issuance costs and excise taxes; distributions from real estate investment trusts (REITs); capitalized dividends on short sales; and deflation adjustments on U.S. Treasury inflation protected bonds (TIPs). These reclassifications had no effect on net income, net asset value ("NAV") or NAV per share of each Fund. For the year ended October 31, 2014, the Funds recorded the following permanent reclassifications:

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

For tax purposes, distributions of short-term capital gains are taxable to shareholders as ordinary income.

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

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

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

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

As of October 31, 2014, the components of distributable earnings (accumulated losses) on a U.S. federal income tax basis were as follows:

	Undistributed Ordinary Income		Undistributed Long-Term Capital Gain		Unrealized Appreciation (Depreciation)		Loss Carryforwards and Deferrals			Other Temporary Differences			Total
Flexible Select	$	1,367,185	$	1,190,435	$	10,757,748	$	—		$	(24,303	)	$	13,291,065
Global Allocation		624,099		—		27,489		(68,747	)		(12,692	)		570,149
Inflation Navigator		4,215		—		1,142,120		(204,754	)		(26,739	)		914,842
Long Short		—		12,748,561		182,285,095		(2,070,580	)		(39,378	)		192,923,698

The differences between book basis and tax basis distributable earnings are primarily due to: losses disallowed or recognized on wash sales, straddles and unsettled short sales; mark-to-market adjustments on PFICs, swaps, futures contracts and forward contracts; adjustments related to partnerships, REITs and TIPs; deferral of "late year ordinary loss" (as defined in the Internal Revenue Code of 1986, as amended); and amortization of organizational costs.

To the extent each Fund's net realized capital gains, if any, can be offset by capital loss carryforwards, it is the policy of each Fund not to distribute such gains. For taxable years beginning after December 22, 2010, the capital loss carryforward rules allow for regulated investment companies to carry forward capital losses indefinitely and to retain the character of capital loss carryforwards as short-term or long-term. As determined at October 31, 2014, the Funds had unused capital loss carryforwards available for federal income tax purposes to offset net realized capital gains, if any, as follows:

	Capital Loss Carryforwards (No Expiration Date)
	Long-Term		Short-Term
Global Allocation	$	—	$	68,747
Inflation Navigator		—		204,754

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

Under current tax regulations, capital losses realized on investment transactions after October 31 may be deferred and treated as occurring on the first day of the following fiscal year. Under the Act, the Funds may also defer any realized late-year ordinary losses as occurring on the first day of the following fiscal year. Late-year ordinary losses represent ordinary losses realized on investment transactions after December 31 and specified losses (ordinary losses from the sale, exchange, or other disposition of property, net foreign currency losses and net passive foreign investment company mark to market losses) realized on investment transactions after October 31. For the year ended October 31, 2014, Long Short elected to defer the following late-year ordinary losses:

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

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

8 Expense allocation: Certain expenses are applicable to multiple funds. Expenses directly attributable to a Fund are charged to that Fund. Expenses of the Trust that are not directly attributable to a particular series of the Trust

(e.g., a Fund) are allocated among the series of the Trust, on the basis of relative net assets, except where a more appropriate allocation of expenses to each of the series can otherwise be made fairly. Expenses borne by the complex of related investment companies, which includes open-end and closed-end investment companies for which Management serves as investment manager, that are not directly attributable to a particular investment company in the complex (e.g., the Trust) or series thereof are allocated among the investment companies in the complex or series thereof, on the basis of relative net assets, except where a more appropriate allocation of expenses to each of the investment companies in the complex or series thereof can otherwise be made fairly. Each Fund's expenses (other than those specific to each class) are allocated proportionally each day among the classes based upon the relative net assets of each class.

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

10 Securities sold short: Each Fund may engage in short sales, which are sales of securities which have been borrowed from a third party on the expectation that the market price will decline. If the price of the securities decreases, a Fund will make a profit by purchasing the securities in the open market at a price lower than the one at which it sold the securities. If the price of the securities increases, a Fund may have to cover its short positions at a price higher than the short sale price, resulting in a loss. Gains are limited to the price at which a Fund sold the security short, while losses are potentially unlimited in size. The Funds pledge securities and/or other assets, 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 "Deposits with brokers for short sales" on the Statements of Assets and Liabilities. The Funds are required to segregate an amount of cash, cash equivalents or other appropriate liquid marketable securities with the custodian in an amount at least equal to the current market value of the securities sold short (less any additional collateral held by the lender) and, for Global Allocation, the amount of any securities lending cash collateral used to finance short sales until the Fund replaces a borrowed security. The Funds are contractually responsible to the lender for any dividends and interest payable on securities while those securities are in a short position. These dividends and interest are recorded as an expense of the Funds and are excluded from the contractual expense limitation. At October 31, 2014, Global Allocation had pledged cash in the amount of $10,053,738 to State Street Bank and Trust Company ("State Street"), as collateral for short sales, in addition to cash collateral received from securities lending activities for the Fund. In addition, State Street has a perfected security interest in these Global Allocation assets. At October 31, 2014, Long Short had pledged cash in the amount of $406,375,507 to State Street to cover collateral requirements for borrowing in connection with securities sold short.

11 Security lending: Each of Global Allocation and Long Short, using State Street as its lending agent, may loan securities to qualified brokers and dealers in exchange for negotiated lender's fees. These fees disclosed within the Statements of Operations under the caption, "Income from securities loaned-net" are net of expenses retained by State Street as compensation for its services as lending agent. For the year ended October 31, 2014, Global Allocation received net income under the securities lending arrangement of $1,837. The Funds receive cash collateral at the beginning of each transaction equal to at least 102% of the prior day's market value of the loaned securities (105% in the case of international securities). Some or all of the cash collateral may be used to finance short sales. As of October 31, 2014, approximately 100% of the cash collateral received by Global Allocation was used to finance short sales.

As of October 31, 2014, Global Allocation had outstanding loans of securities to certain approved brokers for which it received collateral as follows:

				Value of Loaned Securities				Value of Collateral
Global Allocation				$	236,221			$	243,916

12 Investment company securities and exchange-traded funds: The Funds may invest in shares of other registered investment companies, including exchange-traded funds ("ETFs"), within the limitations prescribed by the 1940 Act or pursuant to an exemptive order from the Securities and Exchange Commission ("SEC") that permits the Funds to invest in both affiliated and unaffiliated investment companies, including exchange-traded funds, in excess of the limits in Section 12(d)(1)(A) of the 1940 Act, as amended, subject to the terms and conditions of such order (see Note A-15 for more information about the exemptive order). Some ETFs seek to track the performance of a particular market index. These indices include both broad-based market indices and more narrowly-based indices, including those relating to particular sectors, markets, regions or industries. However, some ETFs have an actively-managed investment objective. ETF shares are traded like traditional equity securities on a national securities exchange or NASDAQ. A Fund will indirectly bear its proportionate share of any management fees and other expenses paid by such other investment companies, which will increase expenses and decrease returns.

13 Derivative instruments: During the year ended October 31, 2014, the Funds' use of derivatives, as described below for each Fund, except for Flexible Select, was limited to total return swaps, financial futures contracts, forward foreign currency contracts, and purchased and written option transactions. The Funds have adopted the provisions of ASC 815 "Derivatives and Hedging" ("ASC 815"). The disclosure requirements of ASC 815 distinguish between derivatives that qualify for hedge accounting and those that do not. Because investment companies value their derivatives at fair value and recognize changes in fair value through the Statements of Operations, they do not qualify for hedge accounting. Accordingly, even though a Fund's investments in derivatives may represent economic hedges, they are considered non-hedge transactions for purposes of this disclosure.

Total return swap contracts: During the year ended October 31, 2014, Global Allocation used total return swaps to provide investment exposure to the benchmark indices. Total return swaps involve commitments to pay fixed or floating rate interest in exchange for a market-linked return based on a notional amount. To the extent the total return of the reference security or index underlying the total return swap exceeds or falls short of the offsetting interest rate obligation, a Fund will receive a payment or make a payment to the counterparty, respectively. Certain risks may arise when entering into total return swap transactions, including counterparty default, liquidity or unfavorable changes in the value of the underlying reference security or index. The value of the swap is adjusted daily and the change in value, if any, is recorded as unrealized appreciation or depreciation in the Statements of Assets and Liabilities. Payments received or made at the end of each measurement period are recorded as realized gain or loss in the Statements of Operations.

At October 31, 2014, the outstanding total return swap contracts for Global Allocation were as follows:

				Rate Type
Swap Counterparty	Notional Amount		Termination Date	Variable-rate Payments Made/ (Received) by the Fund			Reference Entity	Accrued Net Interest Receivable (Payable)			Unrealized Appreciation (Depreciation)			Total Fair Value
J.P. Morgan Chase Bank N.A.	$	13,668,117	January 7, 2015		0.743	^%(1)	J.P. Morgan Global Government Bond Total Return Index Unhedged	$	(6,484	)	$	(108,576	)	$	(115,060	)

				Rate Type
Swap Counterparty	Notional Amount		Termination Date	Variable-rate Payments Made/ (Received) by the Fund			Reference Entity	Accrued Net Interest Receivable (Payable)			Unrealized Appreciation (Depreciation)		Total Fair Value
J.P. Morgan Chase Bank N.A.	$	16,952,854	January 14, 2015		0.203	^%(2)	MSCI Daily Total Return Net World Index	$	(1,627	)	$	573,482	$	571,855
Total								$	(8,111	)	$	464,906	$	456,795

(1) 1 month LIBOR plus 0.59% at October 7, 2014.

(2) 1 month LIBOR plus 0.05% at October 13, 2014.

For the year ended October 31, 2014, the average notional value of total return swap contracts for Global Allocation was $28,884,550.

At October 31, 2014, Global Allocation had deposited $460,000 in a segregated account to cover margin requirements for total return swap contracts.

Financial futures contracts: During the year ended October 31, 2014, Global Allocation entered into financial futures contracts in an effort to enhance returns and to manage or adjust the risk profile and the investment exposure of the Fund to certain asset classes, countries and regions, including adjusting the investment exposures provided by the Fund's total return swaps, described above, to the benchmark indices. In addition, the Fund also utilized financial futures contracts to provide investment exposure to certain indices and markets other than the benchmark indices. During the year ended October 31, 2014, Inflation Navigator entered into financial futures contracts for economic hedging purposes, including as a maturity or duration management device. During the year ended October 31, 2014, Long Short entered into financial futures contracts on the broader market index and U.S. Treasuries in an effort either to enhance returns or to manage or adjust the risk profile and the investment exposure of the Fund.

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

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

For U.S. federal income tax purposes, the futures transactions undertaken by a Fund may cause that Fund to recognize gains or losses from marking contracts to market even though its positions have not been sold or terminated, may affect the character of the gains or losses recognized as long-term or short-term, and may affect

the timing of some capital gains and losses realized by the Fund. Also, a Fund's losses on transactions involving futures contracts may be deferred rather than being taken into account currently in calculating such Fund's taxable income.

At October 31, 2014, open positions in financial futures contracts were as follows:

Fund

Expiration

Open Contracts

Position

Unrealized
Appreciation
(Depreciation)

Global Allocation

November 2014

3 Hang Seng Index Future

Short

(14,891

)

Global Allocation

December 2014

21 Mini Japanese Government Bond, 10 Year

Short

(16,457

)

Global Allocation

December 2014

1 Australian Dollar/U.S. Dollar Currency

Short

(832

)

Global Allocation

December 2014

8 Canadian Currency

Short

14,995

Global Allocation

December 2014

11 Euro Currency

Short

38,847

Global Allocation

December 2014

14 Euro STOXX 50 Index

Short

12,404

Global Allocation

December 2014

1 Euro-Bund

Short

111

Global Allocation

December 2014

14 FTSE 100 Index

Short

3,547

Global Allocation

December 2014

2 GBP Currency

Short

895

Global Allocation

December 2014

12 Japanese Yen

Short

65,701

Global Allocation

December 2014

9 Mini MSCI Emerging Markets Index

Short

(13,566

)

Global Allocation

December 2014

12 S&P TSX 60 Index

Short

18,484

Global Allocation

December 2014

14 S&P 500 E-Mini Index

Short

(53,329

)

Global Allocation

December 2014

2 Topix Index

Short

(11,769

)

Global Allocation

December 2014

1 U.S. Treasury Note, 10 Year

Short

952

Global Allocation

December 2014

3 Australian Dollar/U.S. Dollar Currency

Long

(9,788

)

Global Allocation

December 2014

11 Australian Treasury Bond, 10 Year

Long

14,732

Global Allocation

December 2014

9 Canadian Treasury Bond, 10 Year

Long

5,706

Global Allocation

December 2014

4 CHF Currency

Long

(9,110

)

Global Allocation

December 2014

5 Euro-Bund

Long

11,958

Global Allocation

December 2014

9 GBP Currency

Long

(11,386

)

Global Allocation

December 2014

14 UK Long Gilt Bond

Long

53,726

Global Allocation

December 2014

12 S&P 500 E-Mini Index

Long

20,858

Global Allocation

December 2014

4 SPI 200 Index

Long

21,108

Global Allocation

December 2014

14 Topix Index

Long

51,286

Global Allocation

December 2014

17 U.S. Treasury Note, 10 Year

Long

18,494

Total

212,676

Inflation Navigator

December 2014

1 Mini Japanese Government Bond, 10 Year

Short

(654

)

Inflation Navigator

December 2014

2 Government of Canada Bond, 10 Year

Short

(1,159

)

Inflation Navigator

December 2014

4 Euro Currency

Short

17,176

Inflation Navigator

December 2014

2 Euro-Bund

Short

(4,991

)

Inflation Navigator

December 2014

1 New Zealand Dollar

Short

5,457

Inflation Navigator

December 2014

1 Swedish Krona

Short

4,439

Fund

Expiration

Open Contracts

Position

Unrealized
Appreciation
(Depreciation)

Inflation Navigator

December 2014

1 U.S. Treasury Note, 2 Year

Short

(674

)

Inflation Navigator

December 2014

7 U.S. Treasury Bond, Ultra Long

Short

(19,094

)

Inflation Navigator

December 2014

11 GBP Currency

Long

(24,961

)

Inflation Navigator

December 2014

4 U.S. Treasury Note, 10 Year

Long

3,174

Inflation Navigator

December 2014

4 Long U.S. Treasury Bond

Long

7,253

Inflation Navigator

December 2014

1 Euribor, 3 Month

Long

626

Inflation Navigator

December 2014

1 Australian Dollar

Long

737

Inflation Navigator

December 2014

1 Canadian Dollar

Long

(2,503

)

Inflation Navigator

December 2015

1 Canadian Banker's Acceptance

Long

330

Inflation Navigator

December 2015

1 New Zealand Bank Bill, 3 Month

Long

Inflation Navigator

March 2015

1 EuroYen, 3Month

Long

Total

(14,681

)

Long Short

December 2014

110 S&P MidCap 400 E-Mini Index

Short

(465,072

)

Long Short

December 2014

2,887 S&P 500 E-Mini Index

Short

(5,011,788

)

Long Short

December 2014

595 Russell 2000 Mini Index

Short

(3,518,776

)

Total

(8,995,636

)

During the year ended October 31, 2014, the average notional value of financial futures contracts was:

	Long positions		Short positions
Global Allocation	$	20,003,980	$	(10,450,985	)
Inflation Navigator	$	2,249,495	$	(2,399,996	)
Long Short	$	—	$	(257,086,736	)

At October 31, 2014, the notional value of financial futures contracts was:

	Long Positions		Short Positions
Global Allocation	$	12,994,955	$	(13,484,385	)
Inflation Navigator	$	3,871,046	$	(3,043,789	)
Long Short	$	—	$	(375,589,490	)

At October 31, 2014, the Funds had deposited the following in segregated accounts to cover margin requirements on open financial futures contracts:

Global Allocation	$	679,709
Inflation Navigator	$	43,262
Long Short	$	18,476,370

Forward foreign currency contracts: During the year ended October 31, 2014, Global Allocation entered into forward foreign currency contracts ("forward contracts") contracts to manage or adjust the risk profile and investment exposure of the Fund, including altering investment exposures to certain currencies provided by the Fund's total return swaps, described above.

interbank market. The market value of a forward contract fluctuates with changes in forward currency exchange rates. Forward contracts are marked to market daily, and the change in value is recorded by a Fund as an unrealized gain or loss. At the consummation of a forward contract to purchase or sell currency, a Fund may either exchange the currencies specified at the maturity of the forward contract or enter into a closing transaction involving the purchase or sale of an offsetting forward contract. Closing transactions with respect to forward contracts are usually performed with the counterparty to the original forward contract. The gain or loss arising from the difference between the U.S. dollar cost of the original contract and the value of the foreign currency in U.S. dollars upon closing a contract is included in "Net realized gain (loss) from forward foreign currency contracts" in the Statements of Operations. These contracts may involve market risk in excess of the unrealized gain or loss reflected in a Fund's Statement of Assets and Liabilities. In addition, a Fund could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar.

At October 31, 2014, open forward contracts for Global Allocation were as follows:

	Contracts to Receive			In Exchange For		Counterparty	Settlement Date	Net Unrealized Appreciation (Depreciation)
		323,216	Brazilian Real	$	128,597	Goldman Sachs	November 13, 2014	$	1,481
		6,796,503,829	Indonesian Rupiah		552,247	Goldman Sachs	November 13, 2014		9,315
		241,770,663	South Korean Won		225,646	Goldman Sachs	November 13, 2014		494
		23,738,034	New Taiwan Dollar		779,395	Goldman Sachs	November 13, 2014		1,099
		3,686,737	South African Rand		323,897	Goldman Sachs	November 13, 2014		9,864
Total								$	22,253
	Contracts to Deliver			In Exchange For		Counterparty	Settlement Date	Net Unrealized Appreciation (Depreciation)
		288,408,415	Chilean Peso	$	479,235	Goldman Sachs	November 13, 2014	$	(21,545	)
		4,217,312	Czech Koruna		192,295	Goldman Sachs	November 13, 2014		2,302
		140,284,007	Hungarian Forint		567,570	Goldman Sachs	November 13, 2014		(2,865	)
		1,801,265	Mexican Peso		133,405	Goldman Sachs	November 13, 2014		(282	)
		720,256	Polish Zloty		215,130	Goldman Sachs	November 13, 2014		1,446
		540,238	Singapore Dollar		422,147	Goldman Sachs	November 13, 2014		1,651
Total								$	(19,293	)

For the year ended October 31, 2014, Global Allocation's investment in forward contracts had an average value of $2,077,131.

At October 31, 2014, Global Allocation had deposited $420,000 in a segregated account to cover margin requirements for forward contracts.

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

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

Written option transactions were used in an attempt to generate incremental returns for Long Short for the year ended October 31, 2014. Written option transactions for Long Short for the year ended October 31, 2014 were:

Long Short

	Number of Contracts			Premium Received
Outstanding 10/31/2013		15,000		$	2,251,460
Options written		32,560			4,792,794
Options expired		(25,217	)		(3,885,118	)
Options exercised		(3,250	)		(818,281	)
Options closed		(17,333	)		(2,033,126	)
Outstanding 10/31/2014		1,760		$	307,729

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

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

Purchased option transactions were used either for hedging purposes or in an attempt to generate incremental returns for Long Short for the year ended October 31, 2014.

For the year ended October 31, 2014, Long Short had an average market value of $1,718,208 in purchased options and $(639,487) in written options.

At October 31, 2014, the Funds (except Flexible Select) had the following derivatives (which did not qualify as hedging instruments under ASC 815), grouped by primary risk exposure:

Asset Derivatives

Derivative Type	Statements of Assets and Liabilities Location	Interest Rate Risk		Currency Risk		Equity Risk		Total
Global Allocation
Swap contracts	Open swap contracts, at value⁽¹⁾	$	—	$	—	$	571,855	$	571,855
Futures contracts	Receivable/Payable for variation margin⁽²⁾		105,679		120,438		127,687		353,804
Forward contracts	Receivable for open forward foreign currency contracts		—		27,652		—		27,652
Total Value—Assets		$	105,679	$	148,090	$	699,542	$	953,311
Inflation Navigator
Futures contracts	Receivable/Payable for variation margin⁽²⁾	$	11,546	$	27,809	$	—	$	39,355
Total Value—Assets		$	11,546	$	27,809	$	—	$	39,355
Long Short
Option contracts purchased	Investments in securities, at value	$	—	$	—	$	369,600	$	369,600
Total Value—Assets		$	—	$	—	$	369,600	$	369,600

Liability Derivatives

Derivative Type	Statements of Assets and Liabilities Location	Interest Rate Risk			Currency Risk			Equity Risk			Total
Global Allocation
Swap contracts	Open swap contracts, at value⁽¹⁾	$	—		$	—		$	(115,060	)	$	(115,060	)
Futures contracts	Receivable/Payable for variation margin⁽²⁾		(16,457	)		(31,116	)		(93,555	)		(141,128	)
Forward contracts	Payable for open forward foreign currency contracts		—			(24,692	)		—			(24,692	)
Total Value—Liabilities		$	(16,457	)	$	(55,808	)	$	(208,615	)	$	(280,880	)
Inflation Navigator
Futures contracts	Receivable/Payable for variation margin⁽²⁾	$	(26,573	)	$	(27,463	)	$	—		$	(54,036	)
Total Value—Liabilities		$	(26,573	)	$	(27,463		$	—		$	(54,036	)
Long Short
Futures contracts	Receivable/Payable for variation margin⁽²⁾	$	—		$	—		$	(8,995,636	)	$	(8,995,636	)
Option contracts written	Option contracts written, at value		—			—			(147,840	)		(147,840	)
Total Value—Liabilities		$	—		$	—		$	(9,143,476	)	$	(9,143,476	)

(1) "Swap contracts" reflects the appreciation (depreciation) of the total return swap contracts plus accrued interest as of October 31, 2014, which is reflected in the Statements of Assets and Liabilities under the caption "Open swap contracts, at value."

(2) "Futures contracts" reflects the cumulative appreciation (depreciation) of futures contracts as of October 31, 2014, which is reflected in the Statements of Assets and Liabilities under the caption "Net unrealized appreciation (depreciation) in value of investments." The outstanding variation margin as of October 31, 2014, if any, is reflected in the Statements of Assets and Liabilities under the caption "Receivable/Payable for variation margin."

The impact of the use of these derivative instruments on the Statements of Operations during the year ended October 31, 2014, was as follows:

Realized Gain (Loss)

Derivative Type	Statements of Operations Location	Interest Rate Risk			Currency Risk			Equity Risk			Total
Global Allocation
Swap contracts	Net realized gain (loss) on: total return swap contracts	$	—		$	—		$	1,302,921		$	1,302,921
Futures contracts	Net realized gain (loss) on: financial futures contracts		109,646			(250,635	)		697,576			556,587
Forward contracts	Net realized gain (loss) on: forward foreign currency contracts		—			38,624			—			38,624
Total Realized Gain (Loss)		$	109,646		$	(212,011	)	$	2,000,497		$	1,898,132
Inflation Navigator
Futures contracts	Net realized gain (loss) on: financial futures contracts	$	(142,616	)	$	43,812		$	—		$	(98,804	)
Total Realized Gain (Loss)		$	(142,616	)	$	43,812		$	—		$	(98,804	)
Long Short
Futures contracts	Net realized gain (loss) on: financial futures contracts	$	(1,941,929	)	$	—		$	(27,959,989	)	$	(29,901,918	)
Option contracts purchased	Net realized gain (loss) on: sales of investment securities of unaffiliated issuers		—			—			(8,344,559	)		(8,344,559	)
Option contracts written	Net realized gain (loss) on: option contracts written		—			—			5,153,000			5,153,000
Total Realized Gain (Loss)		$	(1,941,929	)	$	—		$	(31,151,548	)	$	(33,093,477	)

Change in Appreciation (Depreciation)

Derivative Type	Statements of Operations Location	Interest Rate Risk			Currency Risk			Equity Risk			Total
Global Allocation
Swap contracts	Change in net unrealized appreciation (depreciation) in value of: total return swap contracts	$	—		$	—		$	(70,801	)	$	(70,801	)
Futures contracts	Change in net unrealized appreciation (depreciation) in value of: financial futures contracts		(99,329	)		5,352			(229,397	)		(323,374	)
Forward contracts	Change in net unrealized appreciation (depreciation) in value of: forward foreign currency contracts		—			(1,700	)		—			(1,700	)
Total Change in Appreciation (Depreciation)		$	(99,329	)	$	3,652		$	(300,198	)	$	(395,875	)
Inflation Navigator
Futures contracts	Change in net unrealized appreciation (depreciation) in value of: financial futures contracts	$	(3,453	)	$	2,950		$	—		$	(503	)
Total Change in Appreciation (Depreciation)		$	(3,453	)	$	2,950		$	—		$	(503	)
Long Short
Futures contracts	Change in net unrealized appreciation (depreciation) in value of: financial futures contracts	$	10,236		$	—		$	(6,048,542	)	$	(6,038,306	)
Option contracts purchased	Change in net unrealized appreciation (depreciation) in value of: unaffiliated investment securities		—			—			3,016,042			3,016,042
Option contracts written	Change in net unrealized appreciation (depreciation) in value of: option contracts written		—			—			214,429			214,429
Total Change in Appreciation (Depreciation)		$	10,236		$	—		$	(2,818,071	)	$	(2,807,835	)

During the current reporting period, the Funds adopted the provisions of Accounting Standards Update 2011-11 Disclosures about Offsetting Assets and Liabilities ("ASU 2011-11"). ASU 2011-11 is intended to enhance disclosure requirements on the offsetting of financial assets and liabilities. Pursuant to ASU 2011-11, an entity is required to disclose both gross and net information for assets and liabilities related to derivatives, repurchase and reverse repurchase agreements, and securities lending and securities borrowing transactions that are eligible for offset or subject to an enforceable master netting or similar agreement. ASU 2011-11 is applicable to only Global Allocation at October 31, 2014. Global Allocation's derivative assets and liabilities at fair value by type are reported gross in the Statements of Assets and Liabilities. The following tables present Global Allocation's derivative assets and liabilities by counterparty, net of amounts available for offset and net of the related collateral received by Global Allocation for assets and pledged by Global Allocation for liabilities as of October 31, 2014.

Description	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statements of Assets and Liabilities		Net Amounts of Assets Presented in the Statements of Assets and Liabilities
Swap contracts	$	571,855	$	—	$	571,855
Forward contracts		27,652		—		27,652
Securities lending		236,221		—		236,221
Total	$	835,728	$	—	$	835,728

Gross Amounts Not Offset in the Statements of Assets and Liabilities

Counterparty	Net Amounts of Assets Presented in the Statements of Assets and Liabilities		Financial Instruments			Cash Collateral Received^(a)			Net Amount^(b)
Goldman Sachs	$	27,652	$	(24,692	)	$	—		$	2,960
J.P. Morgan Chase Bank N.A.		571,855		(115,060	)		—			456,795
State Street Bank and Trust Company		236,221		—			(236,221	)		—
Total	$	835,728	$	(139,752	)	$	(236,221	)	$	459,755

Description	Gross Amounts of Recognized Liabilities			Gross Amounts Offset in the Statements of Assets and Liabilities		Net Amounts of Liabilities Presented in the Statements of Assets and Liabilities
Swap contracts	$	(115,060	)	$	—	$	(115,060	)
Forward contracts		(24,692	)		—		(24,692	)
Total	$	(139,752	)	$	—	$	(139,752	)

Gross Amounts Not Offset in the Statements of Assets and Liabilities

Counterparty	Net Amounts of Liabilities Presented in the Statements of Assets and Liabilities			Financial Instruments		Cash Collateral Pledged^(a)		Net Amount^(c)
Goldman Sachs	$	(24,692	)	$	24,692	$	—	$	—
J.P. Morgan Chase Bank N.A.		(115,060	)		115,060		—		—
Total	$	(139,752	)	$	139,752	$	—	$	—

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

(b) Net Amount represents amounts subject to loss as of October 31, 2014, in the event of a counterparty failure.

14 Indemnifications: Like many other companies, the Trust's organizational documents provide that its officers and 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 Transactions with other funds managed by Neuberger Berman Management LLC: Neuberger Berman Alternative Funds and Management have obtained an exemptive order from the Securities and Exchange Commission ("SEC") that permits the Funds to invest in both affiliated and unaffiliated investment companies, including exchange-traded funds, in excess of the limits in Section 12(d)(1)(A) of the 1940 Act, as amended, subject to the terms and conditions of such order. Through October 31, 2014, Flexible Select invested in Neuberger Berman Core Bond Fund (an "Underlying Fund"). Through October 31, 2014, Inflation Navigator invested in Neuberger Berman Emerging Markets Equity Fund, Neuberger Berman Floating Rate Income Fund, Neuberger Berman High Income Bond Fund and Neuberger Berman Risk Balanced Commodity Strategy Fund (collectively the "Underlying Funds") (See Note F).

For the Funds' investments in the Underlying Funds, Management waived a portion of its management fee equal to the management fee it received from the Underlying Funds on those assets (the "Arrangement"). For the fiscal period ended October 31, 2014, management fees waived under this Arrangement are reflected in the Statements of Operations under the caption "Investment management fees waived." For the fiscal period ended October 31, 2014, income earned under this Arrangement on Flexible Select's and Inflation Navigator's investments is reflected in the Statements of Operations under the caption "Dividend income-affiliated issuers." For the fiscal period ended October 31, 2014, management fees waived and income earned under this Arrangement on Flexible Select's and Inflation Navigator's investments in the Underlying Funds were as follows:

	Management fees waived		Income earned
Flexible Select	$	15,167	$	160,279
Inflation Navigator		36,050		94,099

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

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

Each Fund retains Management as its investment manager under a Management Agreement. For such investment management services, Flexible Select pays Management a fee at the annual rate of 0.600% of the first $250 million of the Fund's average daily net assets, 0.575% of the next $250 million, 0.550% of the next $250 million, 0.525% of the next $250 million, 0.500% of the next $500 million, 0.475% of the next $2.5 billion, and 0.450% of the average daily net assets in excess of $4 billion. Global Allocation pays Management a fee at the annual rate of 0.650% of the first $1 billion of the Fund's average daily net assets, 0.625% of the next $1 billion, and 0.600% of average daily net assets in excess of $2 billion. Inflation Navigator pays Management a fee at the annual rate of 0.650% of the first $250 million of the Fund's average daily net assets, 0.625% of the next $250 million, 0.600% of the next $250 million, 0.575% of the next $250 million, 0.550% of the next $500 million, 0.525% of the next $2.5 billion, and 0.500% of the average daily net assets in excess of $4 billion. Long Short pays Management a fee at the annual rate of 1.200% of the first $250 million of the Fund's average daily net assets, 1.175% of the next $250 million, 1.150% of the next $250 million, 1.125% of the next $250 million, 1.100% of the next $500 million, 1.075% of the next $2.5 billion, and 1.050% of average daily net assets in excess of $4 billion. Accordingly, for the year ended October 31, 2014, the fee pursuant to the Management Agreement was equivalent to an annual effective rate of 0.60% (0.58% after management fee waiver (See Note A-15), 0.65%, 0.65% (0.43% after management fee waiver (See Note A-15)), and

1.11% of Flexible Select's, Global Allocation's, Inflation Navigator's and Long Short's average daily net assets, respectively.

Each Fund retains Management as its administrator under an Administration Agreement. Each Fund pays Management an administration fee at the annual rate of 0.06% of its average daily net assets under this agreement. In addition, Institutional Class of each Fund pays Management an administration fee at the annual rate of 0.09% of its average daily net assets under this agreement and Class A and Class C of each Fund pays Management an administration fee at the annual rate of 0.20% of its average daily net assets under this agreement. Additionally, Management retains State Street as its sub-administrator under a Sub-Administration Agreement. Management pays State Street a fee for all services received under the agreement.

Management has contractually agreed to waive current payment of fees and/or reimburse certain expenses of the Institutional Class, Class A and Class C of each Fund so that the total annual operating expenses of those classes do not exceed the expense limitations as detailed in the following table. These undertakings apply to a Fund's direct expenses and exclude interest, taxes, brokerage commissions, acquired fund fees and expenses, extraordinary expenses, as of August 12, 2014, transaction charges related to short sales for Global Allocation and Long Short, and exclude dividend expenses relating to short sales as well as interest expenses relating to short sales for Flexible Select and Inflation Navigator, if any; consequently, net expenses may exceed the contractual expense limitations. Each Fund has agreed that each of its respective classes will repay Management for fees and expenses waived or reimbursed for that class provided that repayment does not cause that class' annual operating expenses to exceed its contractual expense limitation in place at the time the fees and expenses were waived or reimbursed. Any such repayment must be made within three years after the year in which Management incurred the expense.

During the year ended October 31, 2014, there was no repayment to Management under these agreements.

At October 31, 2014, contingent liabilities to Management under the agreements were as follows:

					Expenses Reimbursed in Fiscal Period Ending October 31,
					2012			2013			2014
					Subject to Repayment Until October 31,
Class	Contractual Expense Limitation⁽¹⁾			Expiration	2015			2016			2017
Flexible Select Institutional Class		0.85	%	10/31/17	$	—		$	216,729	⁽⁵⁾	$	281,744
Flexible Select Class A		1.21	%	10/31/17		—			2,426	⁽⁵⁾		1,301
Flexible Select Class C		1.96	%	10/31/17		—			2,202	⁽⁵⁾		480
Global Allocation Institutional Class		0.90	%⁽⁴⁾	10/31/17		342,304			253,136			297,504
Global Allocation Class A		1.26	%⁽⁴⁾	10/31/17		125,936			141,365			168,872
Global Allocation Class C		2.01	%⁽⁴⁾	10/31/17		19,134			71,481			105,371
Inflation Navigator Institutional Class		0.90	%	10/31/17		—			438,126	⁽³⁾		374,332
Inflation Navigator Class A		1.26	%	10/31/17		—			5,378	⁽³⁾		9,441
Inflation Navigator Class C		2.01	%	10/31/17		—			5,378	⁽³⁾		3,221
Long Short Institutional Class		1.70	%	10/31/17		—	⁽²⁾		—			—
Long Short Class A		2.06	%	10/31/17		—	⁽²⁾		—			—
Long Short Class C		2.81	%	10/31/17		—	⁽²⁾		—			—

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

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

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

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

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

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

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

Class A shares of each Fund are generally sold with an initial sales charge of up to 5.75% and no contingent deferred sales charge ("CDSC"), except that a CDSC of 1.00% will apply to certain redemptions made within 18 months following purchases of $1 million or more without an initial sales charge. Class C shares of each Fund are sold with no initial sales charge and a 1.00% CDSC if shares are sold within one year after purchase.

For the year ended October 31, 2014, Management, acting as underwriter and broker-dealer, received net initial sales charges from the purchase of Class A shares and CDSCs from the redemption of Class A and Class C shares as follows:

	Underwriter				Broker-Dealer
	Net Initial Sales Charge		CDSC		Net Initial Sales Charge		CDSC
Flexible Select Class A	$	2,372	$	—	$	—	$	—
Flexible Select Class C		—		—		—		—
Global Allocation Class A		11,377		—		—		—
Global Allocation Class C		—		13,908		—		—
Inflation Navigator Class A		2,188		—		—		—
Inflation Navigator Class C		—		—		—		—
Long Short Class A		136,616		—		—		—
Long Short Class C		—		67,417		—		—

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

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

Note C—Securities Transactions:

During the year ended October 31, 2014, there were purchase and sale transactions of long-term securities (excluding total return swaps, financial futures contracts, forward foreign currency contracts and option contracts) as follows:

	Purchases		Securities Sold Short		Sales		Covers on Securities Sold Short
Flexible Select	$	43,498,512	$	—	$	43,608,543	$	—
Global Allocation		21,706,335		22,882,875		22,938,443		23,941,209
Inflation Navigator		9,230,913		—		6,854,988		—
Long Short		2,099,704,027		555,075,700		873,018,697		407,093,142

During the year ended October 31, 2014, no brokerage commissions on securities transactions were paid to affiliated brokers.

Note D—Fund Share Transactions:

Share activity for the years ended October 31, 2014 and October 31, 2013 was as follows:

	For the Year Ended October 31, 2014										For the Year Ended October 31, 2013
	Shares Sold		Shares Issued on Reinvestment of Dividends and Distributions		Shares Redeemed			Total			Shares Sold		Shares Issued on Reinvestment of Dividends and Distributions		Shares Redeemed			Total
Flexible Select
Institutional Class		769		30,471		(14,743	)		16,497			8,265,459		—		(188,898	)		8,076,561	⁽²⁾
Class A		46,439		27		(6,595	)		39,871			13,536		—		—			13,536	⁽²⁾
Class C		1,559		2		—			1,561			10,000		—		—			10,000	⁽²⁾
Global Allocation
Institutional Class		320,306		129,312		(780,344	)		(330,726	)		951,702		14,913		(349,004	)		617,611
Class A		717,157		46,075		(553,785	)		209,447			832,046		4,880		(490,611	)		346,315
Class C		395,709		33,247		(194,404	)		234,552			278,048		1,044		(66,913	)		212,179
Inflation Navigator
Institutional Class		95,566		32,833		(90,643	)		37,756			1,682,682		—		(148,410	)		1,534,272	⁽¹⁾
Class A		220,368		189		(26,069	)		194,488			10,246		—		—			10,246	⁽¹⁾
Class C		18,279		115		—			18,394			10,343		—		(343	)		10,000	⁽¹⁾
Long Short
Institutional Class		159,546,263		382,464		(41,372,231	)		118,556,496			83,663,403		76,375		(8,872,962	)		74,866,816
Class A		32,183,453		179,358		(42,735,854	)		(10,373,043	)		43,047,040		26,279		(5,046,542	)		38,026,777
Class C		9,063,806		37,716		(1,825,631	)		7,275,891			9,454,741		1,606		(366,848	)		9,089,499

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

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

Note E—Lines of Credit:

At October 31, 2014, each Fund was a participant in a single committed, unsecured $300,000,000 line of credit with State Street, to be used only for temporary or emergency purposes. Other investment companies managed by Management also participate in this line of credit on the same terms. Interest is charged on borrowings under this line of credit at the higher of (a) the Federal Funds Rate plus 1.25% per annum or (b) the overnight LIBOR Rate plus 1.25% per annum. A commitment fee of 0.10% per annum of the available line of credit is charged, of which each participating Fund has agreed to pay its pro rata share, 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. The fee is paid quarterly in arrears. Because several mutual funds participate, there is no assurance that an individual Fund will have access to all or any part of the $300,000,000 at any particular time. There were no loans outstanding pursuant to this line of credit at October 31, 2014. During the year ended October 31, 2014, none of the Funds utilized this line of credit.

At October 31, 2014, the Funds were participants in a single uncommitted, unsecured $100,000,000 line of credit with State Street, to be used only for temporary or emergency purposes. Other investment companies managed by

Management also participate in this line of credit on the same terms. Interest is charged on borrowings under this line of credit at a variable rate per annum as determined and quoted by State Street at the time a Fund requests a loan. Because several mutual funds participate, there is no assurance that an individual Fund will have access to all or any part of the $100,000,000 at any particular time. There were no loans outstanding pursuant to this line of credit at October 31, 2014. During the year ended October 31, 2014, none of the Funds utilized this line of credit.

In December 2014, a new single committed, unsecured $700,000,000 line of credit was approved for each Fund that will replace the lines of credit with State Street noted above. The new line of credit will be used only for temporary or emergency purposes.

Note F—Investments in Affiliates⁽¹⁾:

	Balance of Shares Held October 31, 2013		Gross Purchases and Additions		Gross Sales and Reductions		Balance of Shares Held October 31, 2014		Value October 31, 2014		Distributions from Investments in Affiliated Issuers⁽²⁾			Net Realized Gain (Loss) from Investments in Affiliated Issuers
Flexible Select
Neuberger Berman Core Bond Fund Institutional Class		576,112		51,704		45,087		582,729	$	6,133,003	$	160,279		$	(5,711	)
Inflation Navigator
Neuberger Berman Emerging Markets Equity Fund Institutional Class		84,322		19,019		—		103,341	$	1,764,005	$	7,294		$	—
Neuberger Berman Floating Rate Income Fund Institutional Class		88,308		3,380		—		91,688		927,348		34,593			—
Neuberger Berman High Income Bond Fund Institutional Class		159,659		36,775		94,389		102,045		948,255		82,918			(2,317	)
Neuberger Berman Risk Balanced Commodity Strategy Fund Institutional Class		161,988		81,612		5,518		238,082		1,998,032		—	*		(2,461	)
Total									$	5,637,640	$	124,805		$	(4,778	)

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

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

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

Other: At October 31, 2014, there were affiliated investors owning 2.8% and 2.4% of Flexible Select's and Inflation Navigator's outstanding shares, respectively.

Note G—Recent Accounting Pronouncement:

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

This page has been left blank intentionally

Financial Highlights

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

	Net Asset Value, Beginning of Year		Net Investment Income (Loss)^@			Net Gains or Losses on Securities (both realized and unrealized)		Total From Investment Operations		Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Tax Return of Capital		Total Distributions			Net Asset Value, End of Year		Total Return^††			Voluntary Contributions from Management		Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Gross Expenses to Average Net Assets (excluding dividend and interest expenses on securities sold short)			Ratio of Net Expenses to Average Net Assets			Ratio of Net Expenses to Average Net Assets (excluding dividend and interest expenses on securities sold short)			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate (including securities sold short)			Portfolio Turnover Rate (excluding securities sold short)
Flexible Select Fund
Institutional Class
10/31/2014	$	10.80	$	0.11		$	1.09	$	1.20	$	(0.04	)	$	—		$	—	$	(0.04	)	$	11.96		11.16	%	$	—	$	96.8		1.16	%		1.16	%^Ø		.83	%		.83	%^Ø		.98	%		50	%		50	%^Ø
Period from 5/31/2013^{^}to 10/31/2013	$	10.00	$	0.04		$	0.76	$	0.80	$	—		$	—		$	—	$	—		$	10.80		8.00	%**	$	—	$	87.2		1.97	%^‡*		1.97	%^‡Ø*		.83	%^‡*		.83	%^‡Ø*		.95	%^‡*		20	%**		20	%^Ø**
Class A
10/31/2014	$	10.78	$	0.06		$	1.10	$	1.16	$	(0.02	)	$	—		$	—	$	(0.02	)	$	11.92		10.80	%	$	—	$	0.6		1.64	%		1.64	%^Ø		1.19	%		1.19	%^Ø		.50	%		50	%		50	%^Ø
Period from 5/31/2013^{^}to 10/31/2013	$	10.00	$	0.02		$	0.76	$	0.78	$	—		$	—		$	—	$	—		$	10.78		7.80	%**	$	—	$	0.1		5.09	%^‡*		5.09	%^‡Ø*		1.19	%^‡*		1.19	%^‡Ø*		.57	%^‡*		20	%**		20	%^Ø**
Class C
10/31/2014	$	10.75	$	(0.02	)	$	1.08	$	1.06	$	(0.00	)	$	—		$	—	$	(0.00	)	$	11.81		9.88	%	$	—	$	0.1		2.38	%		2.38	%^Ø		1.94	%		1.94	%^Ø		(.14	%)		50	%		50	%^Ø
Period from 5/31/2013^{^} to 10/31/2013	$	10.00	$	(0.01	)	$	0.76	$	0.75	$	—		$	—		$	—	$	—		$	10.75		7.50	%**	$	—	$	0.1		6.71	%^‡*		6.71	%^‡Ø*		1.94	%^‡*		1.94	%^‡Ø*		(.18	%)^‡*		20	%**		20	%^Ø**
Global Allocation Fund
Institutional Class
10/31/2014	$	11.63	$	(0.12	)	$	0.29	$	0.17	$	(0.99	)	$	—		$	—	$	(0.99	)	$	10.81		1.37	%	$	0.00	$	12.5		3.25	%		2.72	%		1.50	%		.98	%		(1.12	%)		228	%		216	%
10/31/2013	$	10.30	$	(0.09	)	$	1.57	$	1.48	$	(0.15	)	$	—		$	—	$	(0.15	)	$	11.63		14.56	%	$	—	$	17.2		3.23	%		2.73	%		1.48	%		.98	%		(.85	%)		187	%		158	%
10/31/2012	$	10.30	$	(0.12	)	$	1.02	$	0.90	$	(0.21	)	$	(0.69	)	$	—	$	(0.90	)	$	10.30		9.60	%	$	—	$	8.9		5.01	%		4.55	%		1.68	%		1.22	%		(1.19	%)		446	%		423	%
Period from 12/29/2010^{^}to 10/31/2011	$	10.00	$	(0.08	)	$	0.38	$	0.30	$	—		$	—		$	—	$	—		$	10.30		3.00	%**	$	—	$	5.8		18.45	%^‡*		18.31	%^‡*^{^^}		1.36	%^‡*		1.21	%^‡*^{^^}		(.95	%)^‡*		268	%**		216	%**
Class A
10/31/2014	$	11.57	$	(0.16	)	$	0.29	$	0.13	$	(0.94	)	$	—		$	—	$	(0.94	)	$	10.76		1.03	%	$	0.00	$	9.6		3.68	%		3.16	%		1.86	%		1.35	%		(1.49	%)		228	%		216	%
10/31/2013	$	10.25	$	(0.14	)	$	1.58	$	1.44	$	(0.12	)	$	—		$	—	$	(0.12	)	$	11.57		14.15	%	$	—	$	7.9		3.58	%		3.07	%		1.84	%		1.33	%		(1.25	%)		187	%		158	%
10/31/2012	$	10.27	$	(0.15	)	$	1.01	$	0.86	$	(0.19	)	$	(0.69	)	$	—	$	(0.88	)	$	10.25		9.24	%	$	—	$	3.4		5.41	%		4.93	%		2.07	%		1.59	%		(1.48	%)		446	%		423	%
Period from 12/29/2010^{^}to 10/31/2011	$	10.00	$	(0.14	)	$	0.41	$	0.27	$	—		$	—		$	—	$	—		$	10.27		2.70	%**	$	—	$	0.1		22.01	%^‡*		21.63	%^‡*^{^^}		1.96	%^‡*		1.58	%^‡*^{^^}		(1.64	%)^‡*		268	%**		216	%**

See Notes to Financial Highlights

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income (Loss)^@			Net Gains or Losses on Securities (both realized and unrealized)		Total From Investment Operations		Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Tax Return of Capital		Total Distributions			Net Asset Value, End of Year		Total Return^††			Voluntary Contributions from Management		Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Gross Expenses to Average Net Assets (excluding dividend and interest expenses on securities sold short)			Ratio of Net Expenses to Average Net Assets			Ratio of Net Expenses to Average Net Assets (excluding dividend and interest expenses on securities sold short)			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate (including securities sold short)			Portfolio Turnover Rate (excluding securities sold short)
Global Allocation Fund (cont'd)
Class C
10/31/2014	$	11.43	$	(0.25	)	$	0.30	$	0.05	$	(0.88	)	$	—		$	—	$	(0.88	)	$	10.60		.30	%	$	0.00	$	7.0		4.46	%		3.95	%		2.63	%		2.11	%		(2.27	%)		228	%		216	%
10/31/2013	$	10.13	$	(0.21	)	$	1.55	$	1.34	$	(0.04	)	$	—		$	—	$	(0.04	)	$	11.43		13.30	%	$	—	$	4.9		4.35	%		3.85	%		2.59	%		2.09	%		(1.99	%)		187	%		158	%
10/31/2012	$	10.21	$	(0.23	)	$	1.00	$	0.77	$	(0.16	)	$	(0.69	)	$	—	$	(0.85	)	$	10.13		8.34	%	$	—	$	2.2		6.47	%		6.03	%		2.78	%		2.34	%		(2.26	%)		446	%		423	%
Period from 12/29/2010^{^}to 10/31/2011	$	10.00	$	(0.18	)	$	0.39	$	0.21	$	—		$	—		$	—	$	—		$	10.21		2.10	%**	$	—	$	0.00		25.07	%^‡*		24.87	%^‡*^{^^}		2.52	%^‡*		2.33	%^‡*^{^^}		(2.12	%)^‡*		268	%**		216	%**
Inflation Navigator Fund^§§
Institutional Class
10/31/2014	$	10.38	$	0.17		$	0.41	$	0.58	$	(0.22	)	$	—		$	—	$	(0.22	)	$	10.74		5.73	%	$	—	$	16.9		3.22	%		3.22	%^Ø		.69	%		.69	%^Ø		1.61	%		41	%		41	%^Ø
Period from 12/19/2012^{^}to 10/31/2013	$	10.00	$	0.17		$	0.21	$	0.38	$	—		$	—		$	—	$	—		$	10.38		3.80	%**	$	—	$	15.9		4.55	%^‡*		4.55	%^‡Ø*		.69	%^‡*		.69	%^‡Ø*		1.92	%^‡*		45	%**		45	%^Ø**
Class A
10/31/2014	$	10.35	$	0.11		$	0.44	$	0.55	$	(0.19	)	$	—		$	—	$	(0.19	)	$	10.71		5.39	%	$	—	$	2.2		3.64	%		3.64	%^Ø		1.05	%		1.05	%^Ø		1.01	%		41	%		41	%^Ø
Period from 12/19/2012^{^}to 10/31/2013	$	10.00	$	0.14		$	0.21	$	0.35	$	—		$	—		$	—	$	—		$	10.35		3.50	%**	$	—	$	0.1		6.99	%^‡*		6.99	%^‡Ø*		1.04	%^‡*		1.04	%^‡Ø*		1.59	%^‡*		45	%**		45	%^Ø**
Class C
10/31/2014	$	10.28	$	0.03		$	0.44	$	0.47	$	(0.12	)	$	—		$	—	$	(0.12	)	$	10.63		4.60	%	$	—	$	0.3		4.43	%		4.43	%^Ø		1.80	%		1.80	%^Ø		.33	%		41	%		41	%^Ø
Period from 12/19/2012^{^}to 10/31/2013	$	10.00	$	0.07		$	0.21	$	0.28	$	—		$	—		$	—	$	—		$	10.28		2.80	%**	$	—	$	0.1		7.76	%^‡*		7.76	%^‡Ø*		1.79	%^‡*		1.79	%^‡Ø*		.84	%^‡*		45	%**		45	%^Ø**
Long Short Fund
Institutional Class
10/31/2014	$	12.48	$	0.02		$	0.58	$	0.60	$	—		$	(0.06	)	$	—	$	(0.06	)	$	13.02		4.83	%	$	0.00	$	2,627.8		1.72	%		1.48	%		1.72	%		1.48	%		.17	%		61	%		44	%
10/31/2013	$	11.09	$	0.01		$	1.47	$	1.48	$	(0.01	)	$	(0.08	)	$	—	$	(0.09	)	$	12.48		13.47	%	$	—	$	1,038.2		1.75	%		1.60	%		1.75	%^§		1.60	%^§		.10	%		103	%		52	%
Period from 12/29/2011^{^}to 10/31/2012	$	10.00	$	0.04		$	1.05	$	1.09	$	—		$	—		$	—	$	—		$	11.09		10.90	%**	$	—	$	92.6		2.78	%^‡*		2.65	%^‡*		1.83	%^‡*		1.70	%^‡*		.40	%^‡*		93	%**		56	%**

See Notes to Financial Highlights

Financial Highlights (cont'd)

	Net Asset Value, Beginning of Year		Net Investment Income (Loss)^@			Net Gains or Losses on Securities (both realized and unrealized)		Total From Investment Operations		Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Tax Return of Capital		Total Distributions			Net Asset Value, End of Year		Total Return^††			Voluntary Contributions from Management		Net Assets, End of Year (in millions)		Ratio of Gross Expenses to Average Net Assets^#			Ratio of Gross Expenses to Average Net Assets (excluding dividend and interest expenses on securities sold short)			Ratio of Net Expenses to Average Net Assets			Ratio of Net Expenses to Average Net Assets (excluding dividend and interest expenses on securities sold short)			Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate (including securities sold short)			Portfolio Turnover Rate (excluding securities sold short)
Long Short Fund (cont'd)
Class A
10/31/2014	$	12.41	$	(0.03	)	$	0.58	$	0.55	$	—		$	(0.05	)	$	—	$	(0.05	)	$	12.91		4.47	%	$	0.00	$	388.6		2.09	%		1.85	%		2.09	%		1.85	%		(.20	%)		61	%		44	%
10/31/2013	$	11.06	$	(0.03	)	$	1.47	$	1.44	$	(0.01	)	$	(0.08	)	$	—	$	(0.09	)	$	12.41		13.08	%	$	—	$	502.1		2.08	%		1.94	%		2.08	%^§		1.94	%^§		(.23	%)		103	%		52	%
Period from 12/29/2011^{^}to 10/31/2012	$	10.00	$	0.00		$	1.06	$	1.06	$	—		$	—		$	—	$	—		$	11.06		10.60	%**	$	—	$	27.0		3.21	%^‡*		3.11	%^‡*		2.17	%^‡*		2.06	%^‡*		.05	%^‡*		93	%**		56	%**
Class C
10/31/2014	$	12.26	$	(0.12	)	$	0.57	$	0.45	$	—		$	(0.05	)	$	—	$	(0.05	)	$	12.66		3.71	%	$	0.00	$	211.0		2.84	%		2.60	%		2.84	%		2.60	%		(.94	%)		61	%		44	%
10/31/2013	$	10.99	$	(0.12	)	$	1.46	$	1.34	$	(0.00	)	$	(0.07	)	$	—	$	(0.07	)	$	12.26		12.23	%	$	—	$	115.1		2.83	%		2.68	%		2.83	%^§		2.68	%^§		(1.00	%)		103	%		52	%
Period from 12/29/2011^{^}to 10/31/2012	$	10.00	$	(0.06	)	$	1.05	$	0.99	$	—		$	—		$	—	$	—		$	10.99		9.90	%**	$	—	$	3.4		4.34	%^‡*		4.20	%^‡*		2.95	%^‡*		2.81	%^‡*		(.69	%)^‡*		93	%**		56	%**

See Notes to Financial Highlights

Notes to Financial Highlights

†† Total return based on per share NAV reflects the effects of changes in NAV on the performance of each Fund during each fiscal period. Returns assume income dividends and other distributions, if any, were reinvested, but do not reflect the effect of sales charges. Results represent past performance and do not indicate future results. Current returns may be lower or higher than the performance data quoted. Investment returns and principal may fluctuate and shares when redeemed may be worth more or less than original cost. Total return would have been lower if Management had not reimbursed and/or waived certain expenses. Total return would have been higher if Management had not recouped previously reimbursed and/or waived expenses. The voluntary contribution listed in Note B of the Notes to Financial Statements had no impact on the Funds' total returns for the year ended October 31, 2014.

^ The date investment operations commenced.

‡ Organization expense, which is a non-recurring expense, is included in these ratios on a non-annualized basis.

@ Calculated based on the average number of shares outstanding during each fiscal period.

§ After repayment of expenses previously reimbursed and/or fees previously waived by Management, as applicable. Had the Fund not made such repayments, the annualized ratios of net expenses to average daily net assets would have been:

	Including Dividend Expenses on Securities Sold Short			Excluding Dividend Expenses on Securities Sold Short
	Year Ended October 31, 2013
Long Short Fund Institutional Class		1.69	%		1.54	%
Long Short Fund Class A		2.06	%		1.92	%
Long Short Fund Class C		2.81	%		2.66	%

* Annualized.

** Not annualized.

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

# Represents the annualized ratios of net expenses to average daily net assets if Management had not reimbursed certain expenses and/or waived a portion of the investment management fee.

Ø Flexible Select and Inflation Navigator did not engage in short sales.

§§ Effective June 2, 2014, Neuberger Berman Dynamic Real Return Fund changed its name to Neuberger Berman Inflation Navigator Fund.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of
Neuberger Berman Alternative Funds and
Shareholders of:
Neuberger Berman Flexible Select Fund
Neuberger Berman Global Allocation Fund
Neuberger Berman Inflation Navigator Fund

We have audited the accompanying statements of assets and liabilities of Neuberger Berman Flexible Select Fund, Neuberger Berman Global Allocation Fund and Neuberger Berman Inflation Navigator Fund (formerly, Neuberger Berman Dynamic Real Return Fund), three of the series constituting the Neuberger Berman Alternative Funds (the "Funds"), including the schedules of investments, as of October 31, 2014, and the related statements of operations for the year then ended, and the statements of changes in net assets and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Neuberger Berman Flexible Select Fund, Neuberger Berman Global Allocation Fund, and Neuberger Berman Inflation Navigator Fund (formerly, Neuberger Berman Dynamic Real Return Fund), at October 31, 2014, the results of their operations for the year then ended, and the changes in their net assets and the financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Boston, Massachusetts
December 19, 2014

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders
Neuberger Berman Alternative Funds

We have audited the accompanying statement of assets and liabilities of Neuberger Berman Long Short Fund, a series of Neuberger Berman Alternative Funds (the "Trust"), including the schedule of investments, as of October 31, 2014, and the related statement of operations for the year then ended, and the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the two years in the period then ended and for the period December 29, 2011 (commencement of operations) to October 31, 2012. These financial statements and financial highlights are the responsibility of the Trust's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audit.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2014, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Neuberger Berman Long Short Fund, as of October 31, 2014, and the results of its operations for the year then ended, and the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the two years in the period then ended and for the period December 29, 2011 (commencement of operations) to October 31, 2012, in conformity with accounting principles generally accepted in the United States of America.

Philadelphia, Pennsylvania
December 18, 2014

Neuberger Berman Alternative Funds N-CSRCertified annual shareholder report (management investment company)