Strategy. To pursue its goal, the Fund employs a fundamental and quantitative approach to allocating the Funds assets among various investment strategies that primarily invest in U.S. and non-U.S. equity and debt securities and currencies. The Fund seeks to generate returns primarily through asset allocation and security selection. The Fund may also obtain investment exposure to these asset classes through investments in exchange traded funds (ETFs) or through the use of derivatives. The Funds allocation to equity and debt securities is primarily achieved by investing directly in such securities, including ETFs. For a portion of the Funds allocation to equity and debt securities, and certain other investments, including derivatives, investments may be chosen by a select group of the Managers portfolio … Show more… To pursue its goal, the Fund employs a fundamental and quantitative approach to allocating the Funds assets among various investment strategies that primarily invest in U.S. and non-U.S. equity and debt securities and currencies. The Fund seeks to generate returns primarily through asset allocation and security selection. The Fund may also obtain investment exposure to these asset classes through investments in exchange traded funds (ETFs) or through the use of derivatives. The Funds allocation to equity and debt securities is primarily achieved by investing directly in such securities, including ETFs. For a portion of the Funds allocation to equity and debt securities, and certain other investments, including derivatives, investments may be chosen by a select group of the Managers portfolio managers (Underlying Managers). The Portfolio Managers make asset allocation decisions and seek to identify investment opportunities using a variety of fundamental and quantitative analyses and may use the Managers fundamental research capabilities in analyzing the overall investment opportunities and risks among the various asset classes and investment strategies. The Portfolio Managers review the Funds asset allocations and seek to identify asset classes, sectors, securities and other investment opportunities that appear attractively valued. Opportunities to invest in different asset classes or to adjust allocations among existing asset classes may be identified based on numerous factors, including analysis of historic and projected relative returns, economic factors, industry cycles, volatility forecasts, and political trends, among other factors impacting global financial markets. The Portfolio Managers have considerable latitude in selecting the Funds investments and may adjust the Funds portfolio and overall risk profile by making tactical decisions to position particular asset classes or sectors based on their outlook, as well as the views of Neuberger Bermans asset allocation committee, on the global economy and markets. The Portfolio Managers may adjust the Funds overall exposure, including by making changes to the allocations among asset classes, and there is no requirement as to the percentage of the Funds assets that must be invested in any asset class. Each of the Underlying Managers employs either a fundamental or quantitative approach or a combination of both approaches when making investment decisions. They utilize bottom up, research-driven processes to identify investments that they believe have the ability to deliver value to the Funds shareholders over the long term. The Funds investments may include: (i) long and short investments in equity securities of companies of any market capitalization throughout the world (including the U.S. and emerging markets), which may include common and preferred stocks, and depositary receipts; (ii) debt, including below investment grade debt securities (commonly known as junk bonds), issued by corporate entities throughout the world (including the U.S. and emerging markets), and domestic and foreign governments and their agencies and/or instrumentalities, including quasi-governmental entities, loans and loan participations, inflation protected securities, convertible bonds, mortgage- and asset-backed securities, and collateralized debt obligations; (iii) real estate investment trusts (REITs); (iv) master limited partnerships (MLPs); (v) foreign currencies; and (vi) certain derivative instruments. The Fund may use derivatives without limitation and may invest primarily in four categories: (i) futures contracts based on indices, government bonds, interest rates and currencies; (ii) forward foreign currency contracts; (iii) swaps, including interest rate swaps and total return swaps on broad-based indices; and (iv) call and put options on securities and indices including writing (selling) calls against positions in the portfolio (covered calls) or writing (selling) puts on securities and indices. All of these derivatives may be used in an effort to: enhance returns; manage or adjust the risk profile of the Fund or the risk of individual positions; replace more traditional direct investments; obtain or reduce exposure to certain markets; establish net long or short positions for markets, currencies or securities; adjust the duration of the Funds fixed income securities; or alter the Funds exposure to markets, currencies, interest rates, sectors and issuers. Under normal market conditions, the Fund will invest so that at least 40% of its investment exposure comes from non-U.S. securities and other instruments (unless market conditions are not deemed favorable by the Portfolio Managers, in which case the Fund would invest so that at least 30% of its investment exposure comes from non-U.S. securities and other instruments). These non-U.S. securities or other instruments are issued by (i) foreign government or quasi-governmental issuers or (ii) nongovernmental issuers (a) that are organized or located outside the U.S., (b) that primarily trade in a market located outside the U.S., or (c) that derive at least 50% of their revenue or profits from business outside the U.S. or have at least 50% of their sales or assets outside the U.S. For temporary defensive purposes or in connection with implementing changes in the asset allocation, the Fund may deviate substantially from any of these percentage allocations. In an effort to achieve its goal, the Fund may engage in active and frequent trading. Show less