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

### Financial Assets at Fair Value through Profit or Loss (continued)
| Principal Amount | Security Description | Coupon | Maturity Date | Fair Value US$ | % of Net Assets |
| --- | --- | --- | --- | --- | --- |
|  | Government Bonds 65.13% (31 December 2020: 65.07%) (continued) |  |  |  |  |
|  | United States Dollar (continued) |  |  |  |  |
| 1,693,000 | El Salvador Government International Bond* | 9.50% | 15/07/2052 | 1,671,838 | 0.15 |
| 900,000 | Ghana Government International Bond* | 7.63% | 16/05/2029 | 908,947 | 0.08 |
| 902,000 | Ghana Government International Bond* | 7.75% | 07/04/2029 | 921,027 | 0.08 |
| 494,000 | Ghana Government International Bond* | 8.63% | 07/04/2034 | 509,421 | 0.04 |
| 414,000 | Ghana Government International Bond* | 8.75% | 11/03/2061 | 399,117 | 0.04 |
| 561,000 | Ghana Government International Bond* | 8.95% | 26/03/2051 | 556,265 | 0.05 |
| 5,539,000 | Ghana Government International Bond* | 10.75% | 14/10/2030 | 6,991,125 | 0.62 |
| 551,000 | Honduras Government International Bond* | 5.63% | 24/06/2030 | 579,377 | 0.05 |
| 351,000 | Honduras Government International Bond* | 6.25% | 19/01/2027 | 384,872 | 0.03 |
| 1,665,000 | Indonesia Government International Bond* | 5.13% | 15/01/2045 | 2,065,415 | 0.18 |
| 934,000 | Indonesia Government International Bond* | 5.25% | 17/01/2042 | 1,166,548 | 0.10 |
| 2,040,000 | Indonesia Government International Bond* | 8.50% | 12/10/2035 | 3,270,000 | 0.29 |
| 1,057,875 | Iraq International Bond* | 5.80% | 15/01/2028 | 1,026,779 | 0.09 |
| 481,000 | Kenya Government International Bond* | 6.30% | 23/01/2034 | 479,243 | 0.04 |
| 4,139,000 | Lebanon Government International Bond* | 6.60% | 27/11/2026 | 514,776 | 0.05 |
| 323,000 | Lebanon Government International Bond* | 6.65% | 26/02/2030 | 40,664 | 0.00 |
| 965,000 | Lebanon Government International Bond* | 6.85% | 25/05/2029 | 121,561 | 0.01 |
| 7,131,000 | Lebanon Government International Bond* | 8.25% | 17/05/2034 | 891,945 | 0.08 |
| 2,790,000 | Mexico Government International Bond* | 5.75% | 12/10/2110 | 3,344,289 | 0.30 |
| 340,000 | Mongolia Government International Bond* | 3.50% | 07/07/2027 | 335,054 | 0.03 |
| 2,203,000 | Mongolia Government International Bond* | 8.75% | 09/03/2024 | 2,541,200 | 0.22 |
| 552,000 | Nigeria Government International Bond* | 6.50% | 28/11/2027 | 584,835 | 0.05 |
| 1,677,000 | Nigeria Government International Bond* | 7.88% | 16/02/2032 | 1,803,010 | 0.16 |
| 1,353,000 | Nigeria Government International Bond* | 8.75% | 21/01/2031 | 1,533,022 | 0.14 |
| 209,000 | Nigeria Government International Bond* | 9.25% | 21/01/2049 | 238,807 | 0.02 |
| 4,090,000 | Oman Government International Bond* | 6.75% | 17/01/2048 | 4,081,063 | 0.36 |
| 200,000 | Oman Government International Bond* | 7.00% | 25/01/2051 | 202,829 | 0.02 |
| 485,000 | Papua New Guinea Government International Bond* | 8.38% | 04/10/2028 | 486,018 | 0.04 |
| 1,238,000 | Paraguay Government International Bond* | 5.40% | 30/03/2050 | 1,449,389 | 0.13 |
| 263,000 | Paraguay Government International Bond* | 5.60% | 13/03/2048 | 310,011 | 0.03 |
| 778,000 | Paraguay Government International Bond* | 6.10% | 11/08/2044 | 970,174 | 0.09 |
| 250,000 | Peruvian Government International Bond* | 8.75% | 21/11/2033 | 393,102 | 0.03 |
| 363,163 | Provincia de Cordoba* | 5.00% | 10/12/2025 | 282,069 | 0.02 |
| 3,448,000 | Qatar Government International Bond* | 4.82% | 14/03/2049 | 4,448,079 | 0.39 |
| 751,000 | Republic of Armenia International Bond* | 3.60% | 02/02/2031 | 708,039 | 0.06 |
| 370,000 | Republic of Cameroon International Bond* | 9.50% | 19/11/2025 | 435,098 | 0.04 |
| 1,073,000 | Republic of South Africa Government International Bond* | 5.65% | 27/09/2047 | 1,096,767 | 0.10 |
| 2,746,000 | Republic of South Africa Government International Bond* | 5.75% | 30/09/2049 | 2,815,570 | 0.25 |

INTERIM REPORT 2021  327
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