# 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) |  |  |  |  |
|  | Uganda Shilling |  |  |  |  |
| 8,769,700,000 | Republic of Uganda Government Bonds* | 14.25% | 22/06/2034 | 2,478,374 | 0.22 |
|  | Total Uganda Shilling |  |  | 2,478,374 | 0.22 |
|  |  |  |  |  |  |
|  | United States Dollar |  |  |  |  |
| 456,000 | Abu Dhabi Government International Bond* | 2.70% | 02/09/2070 | 411,139 | 0.04 |
| 427,000 | Angolan Government International Bond* | 8.00% | 26/11/2029 | 437,325 | 0.04 |
| 1,232,000 | Angolan Government International Bond* | 8.25% | 09/05/2028 | 1,284,136 | 0.11 |
| 5,332,000 | Angolan Government International Bond* | 9.38% | 08/05/2048 | 5,553,289 | 0.49 |
| 8,060,000 | Argentine Republic Government International Bond* | 0.13% | 09/07/2030 | 2,907,323 | 0.26 |
| 4,935,086 | Argentine Republic Government International Bond* | 0.13% | 09/01/2038 | 1,872,026 | 0.17 |
| 11,337,745 | Argentine Republic Government International Bond* | 0.13% | 09/07/2041 | 4,064,582 | 0.36 |
| 265,400 | Belize Government International Bond* | 4.94% | 20/02/2034 | 111,136 | 0.01 |
| 398,000 | Bermuda Government International Bond* | 2.38% | 20/08/2030 | 398,995 | 0.04 |
| 1,514,000 | Bermuda Government International Bond* | 4.75% | 15/02/2029 | 1,766,762 | 0.16 |
| 1,296,000 | Brazilian Government International Bond* | 5.00% | 27/01/2045 | 1,315,148 | 0.12 |
| 2,860,000 | Brazilian Government International Bond* | 5.63% | 07/01/2041 | 3,119,202 | 0.28 |
| 4,670,000 | Colombia Government International Bond* | 5.00% | 15/06/2045 | 4,977,986 | 0.44 |
| 1,330,000 | Colombia Government International Bond* | 5.20% | 15/05/2049 | 1,460,047 | 0.13 |
| 920,000 | Colombia Government International Bond* | 6.13% | 18/01/2041 | 1,092,325 | 0.10 |
| 561,000 | Corp Financiera de Desarrollo SA* | 5.25% | 15/07/2029 | 589,050 | 0.05 |
| 2,253,000 | Costa Rica Government International Bond* | 7.00% | 04/04/2044 | 2,337,510 | 0.21 |
| 2,878,000 | Costa Rica Government International Bond* | 7.16% | 12/03/2045 | 3,014,734 | 0.27 |
| 1,145,000 | Development Bank of Mongolia LLC* | 7.25% | 23/10/2023 | 1,237,491 | 0.11 |
| 3,614,000 | Dominican Republic International Bond* | 5.88% | 30/01/2060 | 3,615,321 | 0.31 |
| 650,000 | Dominican Republic International Bond* | 6.00% | 19/07/2028 | 740,350 | 0.07 |
| 314,000 | Dominican Republic International Bond* | 6.40% | 05/06/2049 | 339,183 | 0.03 |
| 219,000 | Dominican Republic International Bond* | 6.50% | 15/02/2048 | 239,652 | 0.02 |
| 1,037,000 | Dominican Republic International Bond* | 6.85% | 27/01/2045 | 1,177,043 | 0.10 |
| 219,844 | Ecuador Government International Bond* | 0.00% | 31/07/2030 | 122,288 | 0.01 |
| 1,507,922 | Ecuador Government International Bond* | 0.50% | 31/07/2030 | 1,293,058 | 0.11 |
| 3,799,917 | Ecuador Government International Bond* | 0.50% | 31/07/2035 | 2,621,943 | 0.23 |
| 1,886,446 | Ecuador Government International Bond* | 0.50% | 31/07/2040 | 1,176,671 | 0.10 |
| 965,000 | Egypt Government International Bond* | 7.50% | 16/02/2061 | 907,534 | 0.08 |
| 492,000 | Egypt Government International Bond* | 8.15% | 20/11/2059 | 493,557 | 0.04 |
| 2,144,000 | Egypt Government International Bond* | 8.50% | 31/01/2047 | 2,240,212 | 0.20 |
| 2,800,000 | Egypt Government International Bond* | 8.70% | 01/03/2049 | 2,965,340 | 0.26 |
| 1,219,000 | El Salvador Government International Bond* | 7.12% | 20/01/2050 | 1,042,245 | 0.09 |
| 512,000 | El Salvador Government International Bond* | 7.75% | 24/01/2023 | 508,262 | 0.04 |

326  NEUBERGER BERMAN INVESTMENT FUNDS PLC
SCHEDULE OF INVESTMENTS FINANCIAL STATEMENTS

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