neuberger berman investment funds plc

1260 Pages·2017·6.24 MB·English

NEUBERGER BERMAN INVESTMENT FUNDS PLC
(An investment company with variable capital constituted as an umbrella fund with segregated liability between sub-funds under
the laws of Ireland and authorised by the Central Bank of Ireland pursuant to the European Communities (Undertakings for
Collective Investment in Transferable Securities) Regulations, 2011 as amended)

ANNUAL REPORT AND AUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2017

Company Registration Number: 336425
NEUBERGER BERMAN
TABLE OF CONTENTS
MANAGEMENT AND ADMINISTRATION 1 
GENERAL INFORMATION 3 
DIRECTORS’ REPORT 30 
INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF NEUBERGER BERMAN INVESTMENT
FUNDS PLC 38 
INDEPENDENT AUDITORS’ REPORT TO THE DIRECTORS OF NEUBERGER BERMAN INVESTMENT
FUNDS PLC 45 
REPORT OF THE DEPOSITARY TO THE SHAREHOLDERS 46 
AGGREGATE FINANCIAL STATEMENTS 47 
Aggregate Balance Sheets 47 
Aggregate Profit and Loss Accounts 48 
Aggregate Statements of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares 49 
NEUBERGER BERMAN HIGH YIELD BOND FUND 50 
Investment Manager’s Report 50 
Balance Sheet 51 
Profit and Loss Account 51 
Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares 52 
Schedule of Investments 53 
Statement of Significant Purchases and Sales (Unaudited) 64 
NEUBERGER BERMAN DIVERSIFIED CURRENCY FUND 66 
Investment Manager’s Report 66 
Balance Sheet 67 
Profit and Loss Account 67 
Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares 68 
Schedule of Investments 69 
Statement of Significant Purchases and Sales (Unaudited) 73 
NEUBERGER BERMAN US LARGE CAP GROWTH FUND 75 
Balance Sheet 75 
Profit and Loss Account 75 
Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares 76
YEAR ENDED 31 DECEMBER 2017
ANNUAL REPORT
TABLE OF CONTENTS (CONTINUED)
NEUBERGER BERMAN US MULTI CAP OPPORTUNITIES FUND 77 
Investment Manager’s Report 77 
Balance Sheet 78 
Profit and Loss Account 78 
Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares 79 
Schedule of Investments 80 
Statement of Significant Purchases and Sales (Unaudited) 83 
NEUBERGER BERMAN US REAL ESTATE SECURITIES FUND 85 
Investment Manager’s Report 85 
Balance Sheet 86 
Profit and Loss Account 86 
Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares 87 
Schedule of Investments 88 
Statement of Significant Purchases and Sales (Unaudited) 91 
NEUBERGER BERMAN CHINA EQUITY FUND 93 
Investment Manager’s Report 93 
Balance Sheet 95 
Profit and Loss Account 95 
Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares 96 
Schedule of Investments 97 
Statement of Significant Purchases and Sales (Unaudited) 100 
NEUBERGER BERMAN GLOBAL EQUITY INCOME FUND 102 
Balance Sheet 102 
Profit and Loss Account 102 
Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares 103 
NEUBERGER BERMAN EMERGING MARKETS EQUITY FUND 104 
Investment Manager’s Report 104 
Balance Sheet 105 
Profit and Loss Account 105 
Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares 106 
Schedule of Investments 107 
Statement of Significant Purchases and Sales (Unaudited) 112
NEUBERGER BERMAN
TABLE OF CONTENTS (CONTINUED)
NEUBERGER BERMAN US SMALL CAP FUND 114 
Investment Manager’s Report 114 
Balance Sheet 115 
Profit and Loss Account 115 
Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares 116 
Schedule of Investments 117 
Statement of Significant Purchases and Sales (Unaudited) 121 
NEUBERGER BERMAN SHORT DURATION HIGH YIELD BOND FUND 123 
Investment Manager’s Report 123 
Balance Sheet 124 
Profit and Loss Account 124 
Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares 125 
Schedule of Investments 126 
Statement of Significant Purchases and Sales (Unaudited) 135 
NEUBERGER BERMAN GLOBAL BOND FUND 137 
Investment Manager’s Report 137 
Balance Sheet 138 
Profit and Loss Account 138 
Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares 139 
Schedule of Investments 140 
Statement of Significant Purchases and Sales (Unaudited) 150 
NEUBERGER BERMAN EMERGING MARKET DEBT - LOCAL CURRENCY FUND 152 
Investment Manager’s Report 152 
Balance Sheet 153 
Profit and Loss Account 153 
Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares 154 
Schedule of Investments 155 
Statement of Significant Purchases and Sales (Unaudited) 168 
NEUBERGER BERMAN EMERGING MARKET DEBT - HARD CURRENCY FUND 170 
Investment Manager’s Report 170 
Balance Sheet 171 
Profit and Loss Account 171 
Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares 172 
Schedule of Investments 173 
Statement of Significant Purchases and Sales (Unaudited) 180
YEAR ENDED 31 DECEMBER 2017
ANNUAL REPORT
TABLE OF CONTENTS (CONTINUED)
NEUBERGER BERMAN EMERGING MARKET CORPORATE DEBT FUND 182 
Investment Manager’s Report 182 
Balance Sheet 183 
Profit and Loss Account 183 
Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares 184 
Schedule of Investments 185 
Statement of Significant Purchases and Sales (Unaudited) 192 
NEUBERGER BERMAN STRATEGIC INCOME FUND 194 
Investment Manager’s Report 194 
Balance Sheet 195 
Profit and Loss Account 195 
Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares 196 
Schedule of Investments 197 
Statement of Significant Purchases and Sales (Unaudited) 221 
NEUBERGER BERMAN GLOBAL BOND ABSOLUTE RETURN FUND 223 
Investment Manager’s Report 223 
Balance Sheet 224 
Profit and Loss Account 224 
Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares 225 
Schedule of Investments 226 
Statement of Significant Purchases and Sales (Unaudited) 238 
NEUBERGER BERMAN SHORT DURATION EMERGING MARKET DEBT FUND 240 
Investment Manager’s Report 240 
Balance Sheet 241 
Profit and Loss Account 241 
Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares 242 
Schedule of Investments 243 
Statement of Significant Purchases and Sales (Unaudited) 251 
NEUBERGER BERMAN ABSOLUTE RETURN MULTI STRATEGY FUND 253 
Investment Manager’s Report 253 
Balance Sheet 254 
Profit and Loss Account 254 
Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares 255 
Schedule of Investments 256 
Statement of Significant Purchases and Sales (Unaudited) 274
NEUBERGER BERMAN
TABLE OF CONTENTS (CONTINUED)
NEUBERGER BERMAN US LONG SHORT EQUITY FUND 276 
Investment Manager’s Report 276 
Balance Sheet 277 
Profit and Loss Account 277 
Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares 278 
Schedule of Investments 279 
Statement of Significant Purchases and Sales (Unaudited) 286 
NEUBERGER BERMAN EMERGING MARKET DEBT BLEND FUND 288 
Investment Manager’s Report 288 
Balance Sheet 289 
Profit and Loss Account 289 
Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares 290 
Schedule of Investments 291 
Statement of Significant Purchases and Sales (Unaudited) 310 
NEUBERGER BERMAN EUROPEAN HIGH YIELD BOND FUND 312 
Investment Manager’s Report 312 
Balance Sheet 313 
Profit and Loss Account 313 
Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares 314 
Schedule of Investments 315 
Statement of Significant Purchases and Sales (Unaudited) 319 
NEUBERGER BERMAN LONG SHORT MULTI MANAGER FUND 321 
Balance Sheet 321 
Profit and Loss Account 321 
Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares 322 
NEUBERGER BERMAN GLOBAL EQUITY FUND 323 
Investment Manager’s Report 323 
Balance Sheet 324 
Profit and Loss Account 324 
Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares 325 
Schedule of Investments 326 
Statement of Significant Purchases and Sales (Unaudited) 329
YEAR ENDED 31 DECEMBER 2017
ANNUAL REPORT
TABLE OF CONTENTS (CONTINUED)
NEUBERGER BERMAN SYSTEMATIC GLOBAL EQUITY FUND 331 
Investment Manager’s Report 331 
Balance Sheet 332 
Profit and Loss Account 332 
Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares 333 
Schedule of Investments 334 
Statement of Significant Purchases and Sales (Unaudited) 348 
NEUBERGER BERMAN GLOBAL REAL ESTATE SECURITIES FUND 349 
Investment Manager’s Report 349 
Balance Sheet 350 
Profit and Loss Account 350 
Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares 351 
Schedule of Investments 352 
Statement of Significant Purchases and Sales (Unaudited) 356 
NEUBERGER BERMAN GLOBAL LONG SHORT EQUITY FUND 358 
Balance Sheet 358 
Profit and Loss Account 358 
Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares 359 
NEUBERGER BERMAN US SMALL CAP INTRINSIC VALUE FUND 360 
Investment Manager’s Report 360 
Balance Sheet 361 
Profit and Loss Account 361 
Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares 362 
Schedule of Investments 363 
Statement of Significant Purchases and Sales (Unaudited) 366 
NEUBERGER BERMAN GLOBAL CREDIT LONG SHORT FUND 368 
Investment Manager’s Report 368 
Balance Sheet 369 
Profit and Loss Account 369 
Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares 370 
Schedule of Investments 371 
Statement of Significant Purchases and Sales (Unaudited) 377
NEUBERGER BERMAN
TABLE OF CONTENTS (CONTINUED)
NEUBERGER BERMAN ASIAN DEBT – HARD CURRENCY FUND 379 
Investment Manager’s Report 379 
Balance Sheet 380 
Profit and Loss Account 380 
Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares 381 
Schedule of Investments 382 
Statement of Significant Purchases and Sales (Unaudited) 386 
NEUBERGER BERMAN CHINA ONSHORE BOND FUND 388 
Investment Manager’s Report 388 
Balance Sheet 389 
Profit and Loss Account 389 
Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares 390 
Schedule of Investments 391 
Statement of Significant Purchases and Sales (Unaudited) 394 
NEUBERGER BERMAN GLOBAL DYNAMIC ASSET ALLOCATOR FUND 396 
Investment Manager’s Report 396 
Balance Sheet 397 
Profit and Loss Account 397 
Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares 398 
Schedule of Investments 399 
Statement of Significant Purchases and Sales (Unaudited) 408 
NEUBERGER BERMAN ASIAN OPPORTUNITIES FUND 410 
Investment Manager’s Report 410 
Balance Sheet 411 
Profit and Loss Account 411 
Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares 412 
Schedule of Investments 413 
Statement of Significant Purchases and Sales (Unaudited) 416 
NEUBERGER BERMAN CORPORATE HYBRID BOND FUND 418 
Investment Manager’s Report 418 
Balance Sheet 419 
Profit and Loss Account 419 
Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares 420 
Schedule of Investments 421 
Statement of Significant Purchases and Sales (Unaudited) 425
YEAR ENDED 31 DECEMBER 2017
ANNUAL REPORT
TABLE OF CONTENTS (CONTINUED)
NEUBERGER BERMAN US EQUITY FUND 427 
Investment Manager’s Report 427 
Balance Sheet 428 
Profit and Loss Account 428 
Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares 429 
Schedule of Investments 430 
Statement of Significant Purchases and Sales (Unaudited) 432 
NEUBERGER BERMAN WORLD EQUITY FUND 434 
Balance Sheet 434 
Profit and Loss Account 434 
Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares 435 
NEUBERGER BERMAN GLOBAL HIGH YIELD BOND FUND 436 
Investment Manager’s Report 436 
Balance Sheet 437 
Profit and Loss Account 437 
Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares 438 
Schedule of Investments 439 
Statement of Significant Purchases and Sales (Unaudited) 453 
NEUBERGER BERMAN GLOBAL OPPORTUNISTIC BOND FUND 455 
Investment Manager’s Report 455 
Balance Sheet 456 
Profit and Loss Account 456 
Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares 457 
Schedule of Investments 458 
Statement of Significant Purchases and Sales (Unaudited) 468 
NEUBERGER BERMAN MULTI-ASSET RISK PREMIA FUND 470 
Investment Manager’s Report 470 
Balance Sheet 471 
Profit and Loss Account 471 
Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares 472 
Schedule of Investments 473 
Statement of Significant Purchases and Sales (Unaudited) 475
NEUBERGER BERMAN
TABLE OF CONTENTS (CONTINUED)
NEUBERGER BERMAN MULTI-ASSET CLASS INCOME FUND 476 
Investment Manager’s Report 476 
Balance Sheet 477 
Profit and Loss Account 477 
Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares 478 
Schedule of Investments 479 
Statement of Significant Purchases and Sales (Unaudited) 493 
NEUBERGER BERMAN US EQUITY INDEX PUTWRITE FUND 495 
Investment Manager’s Report 495 
Balance Sheet 496 
Profit and Loss Account 496 
Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares 497 
Schedule of Investments 498 
Statement of Significant Purchases and Sales (Unaudited) 501 
NEUBERGER BERMAN GLOBAL EQUITY INDEX PUTWRITE FUND 502 
Investment Manager’s Report 502 
Balance Sheet 503 
Profit and Loss Account 503 
Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares 504 
Schedule of Investments 505 
Statement of Significant Purchases and Sales (Unaudited) 508 
NEUBERGER BERMAN UNCORRELATED STRATEGIES FUND 509 
Investment Manager’s Report 509 
Balance Sheet 510 
Profit and Loss Account 510 
Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares 511 
Schedule of Investments 512 
Statement of Significant Purchases and Sales (Unaudited) 575 
NEUBERGER BERMAN EMERGING MARKET DEBT BLEND INVESTMENT GRADE FUND 576 
Investment Manager’s Report 576 
Balance Sheet 577 
Profit and Loss Account 577 
Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares 578 
Schedule of Investments 579 
Statement of Significant Purchases and Sales (Unaudited) 586