# Neuberger Berman Emerging Market Debt Blend Fund (Continued)
## Schedule of Investments (Continued)

### Financial Assets at Fair Value through Profit or Loss (continued)
/(Pay)#
Gain US$
Interest Rate Swap Contracts 0.33% (31 December 2020: 1.21%)
Date
Notional Amount	Expiration
Counterparty	Receive
Fixed Rate	Variable Rate	Unrealised
% of Net Assets
| BRL | 9,000,000 | 02/01/2023 | Goldman Sachs International | (Pay) | 11.99% | 1D BROIS | 966,465 | 0.09 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| CLP | 3,154,502,226 | 05/06/2030 | Chicago Mercantile Exchange¹ | Receive | 2.33% | 1D CLICP | 610,449 | 0.05 |
| BRL | 29,361,709 | 03/01/2022 | Morgan Stanley | (Pay) | 5.79% | 1D BROIS | 294,721 | 0.03 |
| BRL | 4,999,220 | 02/01/2023 | Chicago Mercantile Exchange¹ | (Pay) | 9.26% | 1D BROIS | 213,460 | 0.02 |
| BRL | 19,142,113 | 02/01/2023 | Chicago Mercantile Exchange¹ | (Pay) | 6.77% | 1D BROIS | 195,529 | 0.02 |
| CZK | 144,448,883 | 10/02/2026 | LCH Clearnet Ltd¹ | Receive | 1.32% | 6M PRIBOR | 176,660 | 0.02 |
| COP | 4,932,951,935 | 08/07/2030 | Chicago Mercantile Exchange¹ | Receive | 4.21% | 1D COOVIBR | 145,669 | 0.01 |
| BRL | 14,122,450 | 02/01/2023 | Chicago Mercantile Exchange¹ | (Pay) | 6.61% | 1D BROIS | 132,289 | 0.01 |
| BRL | 16,821,418 | 02/01/2023 | Chicago Mercantile Exchange¹ | (Pay) | 6.23% | 1D BROIS | 120,619 | 0.01 |
| BRL | 21,400,254 | 02/01/2023 | Chicago Mercantile Exchange¹ | (Pay) | 5.66% | 1D BROIS | 103,392 | 0.01 |
| COP | 5,065,705,838 | 16/03/2031 | Chicago Mercantile Exchange¹ | Receive | 4.88% | 1D COOVIBR | 95,932 | 0.01 |
| BRL | 132,894,702 | 02/01/2023 | Chicago Mercantile Exchange¹ | Receive | 6.23% | 1D BROIS | 80,834 | 0.01 |
| BRL | 1,006,291 | 02/01/2023 | Goldman Sachs International | (Pay) | 10.84% | 1D BROIS | 79,793 | 0.01 |
| BRL | 36,501,186 | 02/01/2023 | Chicago Mercantile Exchange¹ | (Pay) | 5.25% | 1D BROIS | 71,537 | 0.01 |
| MXN | 32,793,698 | 20/04/2027 | Chicago Mercantile Exchange¹ | (Pay) | 7.51% | 28D MXIBTIIE | 67,774 | 0.01 |
| COP | 3,586,027,631 | 23/04/2030 | Chicago Mercantile Exchange¹ | Receive | 4.98% | 1D COOVIBR | 50,576 | 0.01 |
| MXN | 71,272,015 | 23/06/2022 | Chicago Mercantile Exchange¹ | (Pay) | 6.75% | 28D MXIBTIIE | 42,990 | 0.00 |
| CLP | 1,985,896,996 | 10/05/2022 | JPMorgan Chase Bank | (Pay) | 3.43% | 1D CLICP | 42,487 | 0.00 |
| CZK | 180,497,486 | 13/05/2026 | LCH Clearnet Ltd¹ | Receive | 1.81% | 6M PRIBOR | 36,301 | 0.00 |
| COP | 6,822,651,000 | 11/03/2030 | Chicago Mercantile Exchange¹ | Receive | 5.47% | 1D COOVIBR | 31,326 | 0.00 |
| BRL | 10,774,288 | 02/01/2025 | Chicago Mercantile Exchange¹ | (Pay) | 6.82% | 1D BROIS | 30,039 | 0.00 |
| COP | 6,000,000,000 | 21/06/2029 | Chicago Mercantile Exchange¹ | Receive | 5.37% | 1D COOVIBR | 29,318 | 0.00 |
| BRL | 4,858,219 | 02/01/2024 | Chicago Mercantile Exchange¹ | (Pay) | 6.50% | 1D BROIS | 22,335 | 0.00 |
| PLN | 6,544,720 | 16/03/2026 | LCH Clearnet Ltd¹ | Receive | 1.13% | 6M WIBOR | 20,618 | 0.00 |
| PLN | 15,316,328 | 26/02/2030 | LCH Clearnet Ltd¹ | (Pay) | 1.75% | 6M WIBOR | 18,726 | 0.00 |
| CZK | 94,735,803 | 13/05/2031 | LCH Clearnet Ltd¹ | (Pay) | 1.88% | 6M PRIBOR | 18,131 | 0.00 |
| CZK | 299,610,265 | 18/06/2024 | LCH Clearnet Ltd¹ | Receive | 1.70% | 6M PRIBOR | 15,052 | 0.00 |
| COP | 2,908,271,239 | 12/03/2030 | Chicago Mercantile Exchange¹ | Receive | 5.45% | 1D COOVIBR | 14,458 | 0.00 |
| PLN | 3,640,719 | 18/05/2031 | LCH Clearnet Ltd¹ | (Pay) | 1.91% | 6M WIBOR | 13,980 | 0.00 |
| BRL | 36,251,861 | 02/01/2025 | Chicago Mercantile Exchange¹ | (Pay) | 7.73% | 1D BROIS | 9,363 | 0.00 |
| MXN | 59,914,381 | 12/09/2022 | Goldman Sachs International | (Pay) | 5.90% | 28D MXIBTIIE | 7,538 | 0.00 |
| PLN | 118,040,426 | 02/07/2023 | LCH Clearnet Ltd¹ | (Pay) | 1.17% | 3M WIBOR | 2,296 | 0.00 |
| MXN | 61,129,403 | 01/04/2025 | Chicago Mercantile Exchange¹ | (Pay) | 6.45% | 28D MXIBTIIE | 2,249 | 0.00 |
| KRW | 4,500,000,000 | 05/02/2031 | LCH Clearnet Ltd¹ | Receive | 1.40% | 3M KORIBOR | 121 | 0.00 |
| KRW | 4,600,000,000 | 19/02/2031 | LCH Clearnet Ltd¹ | Receive | 1.50% | 3M KORIBOR | 91 | 0.00 |

Total Unrealised Gain on Interest Rate Swap Contracts∞	3,763,118	0.33
INTERIM REPORT 2021  333
FINANCIAL STATEMENTS SCHEDULE OF INVESTMENTS

Translation (ENDE, 2021-06-30):
# Neuberger Berman Emerging Market Debt Blend Fund (Fortsetzung)
## Bericht des Investment-Managers (Fortsetzung)
Bei den lokalen Zinssätzen sehen wir die Aussichten für jene Länder positiv, in denen signifikante Zinserhöhungen bereits eingepreist sind oder die einen flacheren Aufschwung erleben. In einer Reihe von Niedrigzinsländern bleiben wir unterdessen untergewichtet.
Ein unerwartet schneller Anstieg der US-Zinsen ist ein potenzielles Risiko für die Anlageklasse, obwohl wir von einem eher graduellen Zinsanstieg in den kommenden Quartalen ausgehen. Dies sollte sich unseres Erachtens nicht als übermäßig störend für die Finanzierungsbedingungen und Spread-Renditen in den Schwellenländern erweisen. Im Segment der Unternehmensanleihen gehen wir davon aus, dass sich die Gewinne vor Zinsen, Steuern und Abschreibungen (EBITDA) der EM-Unternehmen erholen und die Verschuldungskennzahlen der Unternehmen verbessern werden. Wir denken, dass die Bewertungen für Staats- und Unternehmensanleihen der Schwellenländer in Hartwährung im Fair-Value-Bereich liegen und im Vergleich zu den entwickelten Märkten attraktiv sind.
306  NEUBERGER BERMAN INVESTMENT FUNDS PLC
BILANZ HALBJAHRESABSCHLUSS